Industry Update: Protect Yourself from Wire Fraud

Financing

Wire Fraud is a real concern for Buyers and Sellers in a Real Estate Transaction.

I attended a meeting on July 28th, 2017 at the West End Real Estate Professionals office in which a Real Estate Attorney reminded us that Wire Fraud is a true and real concern for both buyers and sellers. The attorney instructed us to remind our buyers and sellers that before they wire funds into escrow or to title, make sure that they call and speak directly to the escrow officer to confirm the wiring instructions over the telephone. The "Bad Guys" these days are actually sending out emails that look like official wire instructions, meant to appear as if they are coming from the buyers'/sellers' chosen escrow company.

When you are buying or selling your home, you need to make sure your realtor has provided you with your Escrow Company's name, your Escrow Number, your appointed Escrow Officer, and all the necessary phone numbers so you can call your Escrow directly to verify your wire instructions.

As an added precaution, whenever you need to relay personal information to your Escrow Officer, do so by either

a) giving the information to your realtor and instruct your realtor deliver that information to escrow

b) delivering the information yourself in person

or c) speaking to your Escrow Officer over the phone directly.

If you believe you have received questionable or suspicious wire instructions, immediately notify your bank, your Escrow Company and your Real Estate Agent.

You can look up additional wire fraud information from:
the Federal Bureau of Investigation: http://fbi.gov/
National White Collar Crime Center.  http://www.nw3c.org/
On Guard Online:  http://www.onguardonline.gov/

 

This is Diana Margala from RE/MAX TIME providing you with valuable information regarding your Real Estate Transaction.