Ready to close?  Be sure to protect yourself from Wire and Escrow Fraud

With the increasing risks of wire and escrow fraud, here are some tips to help safeguard yourself:

Spotting Wire and Escrow Fraud

  • Verify Transfer Details: Always double-check wire transfer instructions by calling a trusted contact at a known phone number—not one provided in an email.
  • Watch for Red Flags: Be cautious of last-minute changes in payment details, unfamiliar email addresses, and any suspicious links or attachments.
  • Use Secure Communication: Make sure you're using encrypted channels or secure websites for financial transactions.

How to Avoid Fraud

  • Double-Check Everything: Always verify the authenticity of wire transfer or escrow instructions by calling your representative directly.
  • Secure Platforms Only: Stick to secure websites (look for HTTPS) and apps with strong security features for any financial activities.
  • Protect Your Information: Never share personal or financial details via email, especially with unverified contacts.

If You Suspect Fraud

  • Pause All Transactions: If anything feels off, stop the transaction immediately.
  • Contact Your Bank/Lender/Title Company/Real Estate Agent: Reach out right away—they can assist you in securing your account.
  • Report It: Notify local law enforcement and the Federal Trade Commission (FTC) by visiting reportfraud.ftc.gov.
  • Monitor Your Accounts: Regularly review your financial accounts for any unauthorized transactions.

Using these few steps will help you keep your transactions safe and secure. If you have any questions or concerns, be sure to reach out.