06/14/2022
WIRE FRAUD IS ON THE RISE!!!
Every 43 seconds a cybercrime gets reported to the FBI and 1 in 3 real estate transactions are targeted. Wire fraud is an act of fraud that uses electronic communications, such as making false representations on the telephone or via email, to obtain money. For example, you may receive wire instructions which appear to be from the settlement agent or attorney, when in fact they are from a fraudster. Help protect yourself by keeping these tips nearby.
1. Wire and other disbursement instructions received by email should always be confirmed by telephone at a known or independently-confirmed number, NOT the telephone number at the bottom of the email you are trying to confirm. Or, better: go to your bank and deal with a customer service representative. S/he will know how to do a transfer and will probably spot a fraud faster than you.
2. Be especially skeptical of any change in disbursement instructions.
3 Confirm the account to which you are wiring is in the name of the party entitled to the funds.
4. Be suspicious of emails from free, public email account domains as they are often a source of risk.
5. Watch out for phishing emails with embedded links, even when they appear to come from a trusted source.
6. Slow down. Do not act on last-minute changes to wiring instructions without first verifying the legitimacy of the message.
7. If you realize that a wire has been sent to a fraudulent account, immediately report the fraudulent wire to the sending and receiving banks and try to STOP the transfer and recall the wire.
8. Check, via telephone, with the closing attorney or your title company before you send any money!
Remember: neither my broker or I will NOT EVER ask you to transfer or wire money.
(Reprinted and permission granted by Pacific Law Group, Atlanta GA)
