It’s unfortunate, but in today’s world, there are scammers and hackers just waiting for a way to steal your hard-earned money. This is true for real estate transactions as well. During a real estate transaction, large sums of money are usually required at the closing. Wire transfers typically deliver these sums. Scammers are taking advantage of this by targeting first-time homebuyers, or other inexperienced individuals, and intercepting the wired funds. Read on for some important cyber security protection tips for real estate transactions.
Beware of Suspicious Emails
The primary way scammers can interject themselves into real estate transactions is by first hacking your email. Beware of phishing emails that appear to be from legit companies or businesses. Never click on any links in an email asking for personal information. If you’re unsure if an email is from a legitimate business or not, call that company with the phone number listed on their website. Never call the number listed in the email.
Be Suspicious of Any Email Alerting You to Wire Transfer Changes
It is very unusual for a title company or real estate agent to change their wire transfer instructions. If you receive any email with wire transfer instruction changes or anything that seems odd, do not click on any links in the email. Do not call the number in the email. Instead, contact your title company directly and ask them if they sent the email.
Always Confirm Wire Transfer Info
Once you’ve gotten wire transfer instructions from the title company themselves, confirm all that information with your bank. Confirm account numbers, names on the accounts, and any other info you were given.
Verify Transfers Right Away
Once you’ve gotten the correct wire transfer instructions, be sure to contact your title company as soon as you’ve completed the transfer. Verify that they’ve received the funds, and be sure to keep any confirmation numbers or other information for your records.
If you have any questions about the wire transfer process, contact Innovation Title today.