Hackers are getting more sophisticated and bolder in their attempts to get your money. When someone buys a home, one of the last steps in the process is a wire transfer of the buyer’s funds to the title company. Recently, hackers have been targeting these funds.
Buying a home is the most expensive transaction of most people’s lives. We want to do everything possible to ensure that the homebuyer’s money is being sent to a legitimate company. Funds that are wired to a fraudster are almost never returned to the rightful owner.
The following article written by CNBC describes the dramatic increase in this type of fraud. Mortgage lenders, real estate agents and title company representatives should let their clients know that this threat is real. Always have your clients make a phone call to verify the wiring instructions, before they send any money to anyone.
To minimize risk, the best practice is to be aware and cautious. Double check the details when your (or your clients’) money is involved.