With so many transactions happening online, it can be easy to get complacent. Don’t. These days, fraud and scams are everywhere and it’s your responsibility to safeguard yourself and your clients. What does that mean?
INFORM YOUR CLIENTS ABOUT WIRE FRAUD!
Tips To Avoid Wire Fraud
1) Call, Don’t Email
Confirm all wiring instructions by phone before transferring funds. Use the phone number from the title company’s website or a business card.
2) Be Suspicious
It’s NOT common for title companies to change wiring instructions and payment info via email.
3) Confirm Everything
Ask your bank to confirm not just the account number but also the name on the account before sending a wire.
4) Verify Immediately
Call the title company or real estate agent to validate that the funds were received. Detecting that you sent the money to the wrong account within 24 hours gives you the best chance of recovering your money.
5) Forward, Don’t Reply
When responding to an email, hit forward instead of reply and then start typing in the person’s email address. Criminals create email addresses that are very similar to the real ones. By typing in email addresses you will make it easier to discover if a fraudster is after you.