How To Avoid Real Estate Wire Fraud:

Real estate wire fraud is a serious issue that can result in significant financial loss. Here are some steps you can take to protect yourself:

• Confirm All Information Directly: If you receive wiring instructions via email, even if it appears to be from a trusted source like your real estate agent or title company, call them to confirm the details. Do not use the phone number provided in the email – instead, use a number you’ve used before or one you can find on their official website.
• Use Secure and Encrypted Communication: When sending any sensitive financial information, use encrypted email or a secure portal. Never send sensitive information through unsecured methods, like a regular email or text message.
• Be Wary of Last-minute Changes: Fraudsters may try to rush or pressure you into sending a wire transfer by claiming there are last-minute changes to the wiring instructions. Be suspicious of any such changes, and always verify.
• Educate Yourself About Phishing Techniques: Many fraudsters use phishing techniques to gather sensitive information. They may use email addresses, graphics, and language that appear to be from legitimate sources. Always double-check email addresses, and be aware that fraudsters often try to create a sense of urgency to pressure you into providing information or making a wire transfer.
• Use Two-Factor Authentication: If available, use two-factor authentication on your email and financial accounts. This adds an extra layer of security by requiring a second piece of information (like a temporary code sent to your phone) in addition to your password.