Wire Transfer Fraud – the number of these wire transfer fraud cases is on the rise. There are horror stories about people forwarding money via wire to hackers. Once this happens, your closing is delayed with a good possibility that your money is lost.
So what should you do? The following are some of the instructions that i give to my clients about wire transfer fraud:
– Never accept e mail wire instructions
– Use only secure portals
– Make a phone call to the title company to make sure that the instructions you received came from them. If in doubt, e mail a copy of the instructions to the title company for confirmation.
– Call the title company or recipient after you make the transfer to make sure that it was received. Otherwise, alert your bank immediately.
– If funds are being requested more than 24 hours before closing date, contact your title company. It is likely to be fraud.
– If wire instructions request that you forward money to anyone other than your title company – do not forward payment. Contact title company immediately with questions.
– Never ever ever, call the phone number provided on the wire instructions. These are manned to receive your call to assure you that they are legitimate. Instead, contact your Realtor and get the phone number for the title company and call that number. Prevent wire transfer fraud.
Work with experienced Realtors and Brokers. Look at it this way, if you need an operation, would you trust a newly licensed doctor to perform the surgery? So why would you trust just anyone to handle one of the most important decisions you will ever make? Experience, as in anything else provides value. Knowledge is power. It isn’t just about showing you a house and doing the paperwork. Do they have a website? Is it professional?
Note: these are only some of the ways to protect yourself. Always engage with your Broker and Title Company for additional input and advice.