Watch the video or read below to learn how to protect yourself from cyber fraud.
How Your Money Gets Stolen
Email Hacking - When Hackers gain access to the email account of a party involved in the transaction, such as the buyer, seller, real estate agent, mortgage lender, title agent, or others.
Fraudulent Email – The hacker sends an email posing as that person, requesting a change in wiring or payment instructions without the knowledge of the other parties.
Funds route to the wrong account – If the instructions are followed without verification, the payment ends up in the wrong account, allowing the criminal to abscond with the funds.
Not Realizing about the hack until Closing Day – By the time the issue is discovered on closing day, often the funds are already gone.
How To Avoid Wire Fraud
Rule 1: Be skeptical of emails with wiring instructions. Hackers are increasingly targeting the real estate closing process, stealing millions from homebuyers and sellers.
Rule 2: Confirm payment details by phone before transferring funds. Whenever you receive instructions for sending money before closing, always call your contact at the title company to confirm, and then verify with your bank as well.
Rule 3: Verify receipt immediately after transferring funds. After sending money, call right away to ensure it has been received by the intended party.
Rule 4: Take immediate action if anything seems OFF. If something doesn’t seem right, contact your bank, mortgage company, and title company right away. In some cases, you may need to reach out to your local FBI office.
