It is extremely rare, if at all, that wiring instructions change during a real estate transaction, verify any change request with all parties before you make any changes to your wiring instructions or wire funds in a rush.
You can help prevent wire fraud by stopping funds winding up in the hands of a fraudster cyber criminals by using Stop!, Call, Verify process method:
STOP! - If you receive an email or text with new wiring instructions, do not reply. If you receive a phone call with new wiring instructions, tell the caller you’re going to hang up to verify the information.
CALL - To ensure you have received a legitimate request, call a trusted phone number you have used before, to contact the buyer, seller, title agent, lender or escrow officer, or do an internet search for the main phone number of the company and person requesting the change. Do NOT use a number listed in a email, fax or text sent to you or call back a voice message number back, with any new wiring instructions, often these instruction are presented as urgent. There most likely a fraudster cyber criminal on the other end, ready and willing to trick you into diverting funds to their account.
VERIFY - Call a known trusted phone number, talk to the person about whom the email, fax, text or call message had supposedly come and sent from. Verify the nature of the message regarding changes to wiring instructions, rarely is that case, it would almost require restarting the entire real estate transaction process from the beginning.
If you think or you suspect that you have received fraudulent wiring instructions by e-mail, every trusted person involved should be notified and change their e-mail account passwords immediately!
Please do not hesitate to call us regrading any concerns you may have about your real estate title insurance transaction.
Always Verify – Confirm in-person and with trusted parties all instructions to wire and transfer monies, rarely, if ever, do the initial wire transfer instructions change!
Don’t be Rushed – Because wire transfers are irrevocable, fraudsters success of the wire fraud often depends and is realized by you acting quickly.
Don’t be rushed.
Know all the persons involved with your transactions– Be sure you know and are aware of everyone involved in all your real estate and title transactions from the beginning of the process. Ensure you have everyone's contact phone numbers from the onset.
Never deal by E-mail, Fax or Text Only – converse with all parties involved, outside of email, fax or text before transferring funds, never rely solely on using e-mail, fax or text messages.
Don't be afraid to double check, call us anytime during your real estate title transaction with any questions you may have.
Awareness and verification are the keys to a fraud free real estate transaction.
If your interactions at anytime don’t feel right: Stop!, Call, Verify.
In the world of title insurance, one of the biggest threats to our customers is wire fraud. Real estate and title insurance wire fraud is one of the largest cyber crimes according to the FBI in 2017.
To discover more information click the link below!