What You Need To Know To Prevent Wire Fraud

December 28, 2021 12:00 am

Wire fraudClosing on a home is a genuinely memorable event. But it can also be a stressful time as you release significant funds for your down payment and face the mountain of documents that must be reviewed and signed. An important aspect to be aware of during this stage is wire fraud. Scammers are increasingly taking advantage of homebuyers during the closing process. When scammers commit wire fraud, they intercept emails and track frequently visited websites in an attempt to compromise the wire transfer. The cybercriminal then sends a false message on behalf of parties involved in the loan transaction to divert your down payment and closing costs into a fraudulent account.

Here are a few helpful tips to prevent wire fraud:

  1. Call your settlement agent directly for their wiring instructions.
  2. Never accept wiring instructions via email or a telephone call. Contact your mortgage representative with questions or concerns.
  3. Be sure to confirm all details associated with the wire transfer, including the account number and the name exactly as it appears on the account.
  4. After the transfer, verify with the title company or settlement agent that the transfer was a success.

To learn more about how to prevent wire fraud, call me today. I would love to discuss how you can safely purchase your dream home.