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Some Good Reminders About Wire Fraud

Here are some great reminders about wire fraud from my partners at Old Republic Title. We always advise that when you receive an email, you call the title company with a number you have been given from you agent. DO NOT use the phone number provided in the email.

How do they scam you? They tell you that there was a change in the wire information and they ask you to wire your money to an updated account. If you don't check first, you could be sending money directly to the scammer. BE CAREFUL!

Also...Check out the last tip below - FORWARD don't REPLY.....

BE WARY of free, web-based email accounts; they are easily hacked. ALWAYS VERIFY changes in payment instructions and confirm requests for transfer of funds. CAREFULLY EVALUATE any requests for secrecy or pressure to take action quickly. CALL, DON'T EMAIL: Confirm all wiring instructions by phone before transmitting funds. Use the phone number from the title company's website or a business card. BE SUSPICIOUS: It's not common for title companies to change wiring instructions and payment info.

CONFIRM IT ALL: Ask a bank to confirm not just the account number but also the name on the account before sending a wire.

VERIFY IMMEDIATELY: You should call the title company or real estate agent to validate that the funds were received. Detecting that you sent the money to the wrong account within 24 hours gives you the best chance of recovering your money. FORWARD, DON'T REPLY: When responding to an email, hit forward instead of reply and then start typing in the person's email address. Criminals use email addresses that are very similar to to the real one for a company. By typing in the email address you will make it easier to discover if a fraudster is after you.


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