3 Ways to Prevent Wire Fraud in Real Estate Transactions

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3 Ways to Prevent Wire Fraud in Real Estate Transactions

Tracy’s Real Estate Talk~ Episode 177

If the bad guys intercept your wiring instructions from the escrow company, your money will be sent to some far away place and never be seen again. This is not a joke and sadly it happens every single day. Hackers, Scammers & Fraudsters are constantly looking for ways to separate you from your money. In fact, that is their entire job and they are very slick about it. Wire Fraud in Real Estate transactions has increased dramatically during the pandemic. Here are a few ways to avoid it.
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NEVER follow text instructions! The wiring details should be sent to the home buyer by MAIL. Then you should call the number on the physical documents and verify the account # that you should be sending to. This is what I learned from a news report on this issue. NEVER EVER follow instructions sent to you by TEXT.

VMR