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National Real Estate: Tips to Prevent Wire Fraud

Wire fraud continues to be a hot topic and each time I create a transaction, my clients sign a wire fraud disclosure telling them to be careful of scammers. Typically, hackers send fake emails to home buyers on the cusp of closing on a property purchase, providing bogus wiring instructions. Hundreds of millions of dollars have been stolen from consumers who fall prey to such scams. Don't be a victim!

Here are some tips to fight wire fraud

  1. Pay attention to how wire instructions are sent. It is best to only accept instructions that are secure and encrypted.

  2. Before you wire funds to an individual or company, call to verify the wire instructions independently with the title company or closing agent and don't use the phone number provided on the email.

  3. Be very watchful of any changes. Wire instructions rarely change. If you receive an email saying that any wiring instructions have changed, confirm the validity with me or the title company.

Source: “Three Steps to Preventing Wire Fraud,” Realty Executives (Jan. 16, 2018)

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