What Is Real Estate Wire Fraud?
Real estate wire fraud is one of the fastest-growing cyber crimes in the US… but what is it exactly?
It’s actually a more specific form of phishing, that is, where a scammer uses email to impersonate someone you trust. In a real estate scenario, the scammer will typically impersonate your lender, closing attorney, or real estate agent, then instruct you to wire your closing funds to a false bank account. It might seem silly, but fraudsters are incredibly accurate and detailed, and once a wire transfer has been initiated, it’s very difficult to reverse. It’s become a very real problem for too many real estate investors.
So… how do you spot and avoid wire fraud?
3 Ways to SPOT Wire Fraud
At first sight, you might not even suspect that anything is off. You get an email from your lender with instructions for where to wire your closing costs. The font, the header, the logo, the signature… everything looks right. The email address is right, and there’s a CC to your agent. They might even include personal or confidential personal information you previously provided.
So how do you know something is off?
7 Ways to PREVENT Wire Fraud
Even the most diligent can overlook small details! Here are some surefire ways to protect yourself against wire fraud.
Buying or Selling in Albuquerque?
Are you thinking of buying or selling a home in the Albuquerque area? Let the Feils help! Not only will we help you navigate the real estate process from start to finish, we'll also ensure your personal information is always safe and confidential so you don't find yourself the victim of a ruthless crime like wire fraud. Contact us today to learn more, to ask any questions, or to get started buying or selling!