Tips for Avoiding Wire Fraud

Wire Fraud is a big concern in our industry. Over the past few years, hackers and criminals have found ways to deliver fake wiring instructions to home buyers in order to have them deliver those home buyer’s down payment directly to them.

If you receive any wiring instructions from anyone by any means during a real estate transaction, follow these tips to avoid wire fraud.

  • IMMEDIATELY call the title company at a phone number you know or a phone number you have determined to be valid from an independent source to verify the wiring instructions.
  • NEVER rely on a phone number in a suspicious email as it is probably the fraudster’s phone number and may be answered by individuals controlled by the fraudster.
  • STOP AND DO NOT follow any wiring instructions that have been “updated” or “changed” during the transaction under any circumstances.
  • DO NOT REACT IMMEDIATELY to emails pressuring you to wire funds quickly. Title companies do not offer discounts or rebates for sending wires early. Always check with your title company if you or your clients receive an email pressuring you to send wires early.

If you receive any suspicious emails, contact your Realtor right away so they can help verify the source. Be diligent and be safe. Wire Fraud is a serious concern that can cost you thousands of dollars.

This information is being provided by Norhill Realty for reference purposes only and is not intended to represent a standard best practice or the only approach to any particular issue. This information should not be construed as legal or business advice from or on behalf of Norhill Realty. Users should consult their own legal counsel if necessary to ensure that any actions taken meet your unique circumstance.