Protect Yourself From Cyber Fraud
Watch the video or read below to learn how to protect yourself from cyber fraud.
How Your Money Gets Stolen
- Hacked email – Hackers get access to the email account of someone involved in the transaction – the buyer, seller, real estate agent, mortgage lender, title agent, or other party.
- Email from hacker – The hacker then emails that person to change the wiring or payment instructions without knowledge from the other parties.
- Consumer pays wrong account – If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
- Closing day – By the time closing day arrives and the mistake is realized, often the funds are long gone.
How to Avoid Wire Fraud
A. Call, don’t email. Confirm all by wiring instructions by phone before transferring funds. Use the phone number provided on our website or business card.
B. Be suspicious. It is not common for title companies to change wiring instructions or payment info.
C. Confirm it all. Ask your bank to confirm the account number and name on the account before sending any wire.
D. Verify immediately. Call your title company to confirm the funds were received.