Real Estate Wire Fraud
Real Estate Wire Fraud
Because scammers will be scammers no matter how hard we try to shut them down, there’s a wire fraud issue happening in real estate sales that has cost some people their entire home-buying savings.
Here’s how it works
Scammers are hacking title company emails and sending fake wiring instructions to buyers. The emails are extremely convincing and very sophisticated in their ability to spoof the title company information. Buyers, assuming it’s legit, respond with the requested information. Lo and behold, next thing you know their account has been wiped clean, leaving them with no money to complete the purchase of their new home.
How to avoid being scammed
NEVER TRUST WIRING INSTRUCTIONS SENT VIA EMAIL. We can’t stress this enough.
Your title company will never send wire instructions via email, so if you are on the receiving end of one of these requests, call your agent or the title company immediately. Do not respond to the email!!
Always confirm wiring instructions in person or over the telephone at a trusted and verified phone number.
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