Online and phone scammers use wire transfers as their scam of choice, for this reason know exactly where you're sending funds and who is receiving them. It is extremely rare, if at all, that wiring instructions change during a real estate transaction, always Verify any change request with all known parties to you involving this property transaction, regarding any new wiring instructions. Never solely relied on E-mail, Fax, Text messages or any phone calls made to you by people or phone numbers you are unfamiliar with that are requesting changes to your funding wiring instructions, never wire money funds in a rush.
U.S. wire transfers are irrevocable by nature, very rarely indeed can financial institutions honor a request to cancel or recall a wire transfer.
You can help prevent wire fraud and stop your money funds from winding up in the hands of a fraudster's and cyber criminals by using the 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, known to you or do an internet search for the main phone number, of the company, and person requesting the change. Do NOT use any phone numbers listed in a email, fax, or text sent to you, do not call back a voice message number with any new wiring instructions, often these instruction are presented as urgent. The person on the other end is most likely a fraudster or cyber criminal, ready and willing to trick you into diverting funds to their account.
VERIFY - Calling only known trusted phone numbers, talk directly with the person whom the email, fax, text or call message had supposedly come or sent from. Verify the nature and reason of the message regarding any changes to the wiring instructions, almost never do wiring instruction change. Changing wiring instructions at anytime after the initial transaction process would require the entire real estate transaction process to reset and start a new 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. Email accounts are often the main source of comprise in real estate transactions and everyone known whom are involved should be notified and review their e-mail account for suspicious activity and change their e-mail account passwords immediately!
Please, do not hesitate to call us at (609) 587-7545, regrading any concerns you may have about your real estate title insurance transaction.
Always Verify – Confirm in-person and with all trusted parties, all instructions to wire and transfer monies, initial wire money transfer instructions rarely ever change, Verify!
Don’t be Rushed – Wire transfers are irrevocable, the fraudsters and cyber criminals success of wire fraud, depends on and is realized to them, by you acting quickly and not verifying their new instructions.
Don’t Be Rushed.
Know all the persons involved with your transaction – Be sure you know, and are aware of everyone involved, in all your real estate and title transaction from the very beginning of the process. Ensure you have everyone's verified contact phone numbers from the beginning.
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 (609) 587-7545, 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 for the years 2017 thru 2023.
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