Wire Fraud Checklist

In a time when we’re all trying to get through the COVID-19 pandemic, cyber criminals are seizing upon it as an opportunity to attack. Reports of fake emails, texts, phishing, robocalls, dangerous links and more are already emerging related to COVID-19. Counsellors Title wanted to remind you of certain steps that can be taken to protect your real estate transaction from wire fraud. In 2017 alone, more than 9,600 victims lost over $56 million to real estate wire fraud, according to the FBI.

WIRE FRAUD CHECKLIST
STOP!: If you receive an email or text with wiring instructions, do not reply. If you receive a phone call with wiring instructions, tell the caller you’re going to hang up to verify the information.

CALL: To make sure you have received a legitimate request, call a trusted phone number you have used before to contact the buyer, seller, agent, lender or escrow officer, or use a number written in the contract. NEVER use a number listed in the email sent to you or call the number that texted you. There could be a fraudster on the other end of the call, ready to trick you into diverting funds to their account.

VERIFY: After calling a trusted number, talk to the person that the email, text or call was said to have come from. Verify that there has been a change to wiring instructions.

It is extremely rare that wiring instructions will change during a real estate transaction. ALWAYS verify any change with all parties before you adjust your actions. By keeping this wire fraud drill in mind, you can do your part to stop funds from winding up in the hands of a cybercriminal.

Conditions are rapidly evolving across the country due to COVID-19 pandemic. No matter, Counsellors Title is always available to respond to your questions, concerns and needs in a timely manner.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.