It's easy to become a victim of wire fraud
Here are some steps to protect your real estate transactions from wire fraud:
1. INVESTIGATE the senders email address, phone number, business name and
any other relevant contact information using a reputable source before sending
any information or contacting the sender.
2. INITIATE CONTACT with the sender of the message using the verified contact information from a reputable source. Do NOT rely on contact information sent in the message as it is likely fraudulent as well.
3. VALIDATE the authenticity of the message by communicating with the individual or business whom the message was said to have come from. Confirm all information including wiring instructions and payout amount.
“Every 43 seconds a cybercrime gets reported to the FBI and 1 in 3 real estate transactions are targeted.”
WIRE FRAUD is typically characterized by a party in the transaction being coerced into sending funds to an ingenuine account created by scammers. Often, this is done through fake messages with wire instructions that appear to have been sent by an attorney, paralegal, lender, settlement agent, broker, or another related party. Wire fraud has been on the rise, making it more important to learn to identify and prevent it.