Know how to protecting your real estate transaction from fraud.
The more digital we become in our transactions, the more vulnerable we become to those individuals who seek to gain unauthorized access to our transactions.
The first step to protecting transactions is to be familiar with the entire process from beginning to end. Some of these processes are not digital while others are.
One of the safeguards real estate agents, attorneys and title agents take is to establish a contact log at the beginning of any transaction. This is for the purpose of referencing any information with respect to contacts involved with the transaction.
Focus, following safeguards and avoiding any temptation to rush transactions can often mitigate any overlooked responses or urgent email requests for information.
When it comes to a real estate transaction, every email needs to be clearly authorized and identified as legitimate. When it comes to a request to wire or send money, verify before responding to any request. Also, never use phone numbers and links within the email. Always go back to the contact log that you originally set up. Another tip is to clearly avoid public Wi-Fi.
If you are forced to use a public Wi-Fi definitely utilize a Virtual Private Network (VPN) in order to encrypt any data.
Another safety protocol is to always verify fund transfers immediately when you get them.
One of the easiest ways to protect transactions from fraud is to alert all individuals involved in the transaction, as to any potential threats when it comes to settlement transaction processes. Another tip is to transmit data using encryption technology whether it involves platform applications, databases, file transfer or anything communicated digitally.
When it comes to real estate agents, when involved in a real estate transaction avoid using free email services to do your business. Also transfer any files or data using encryption technology. Another tip is to also change your passwords periodically so as to avoid hackers getting into your accounts.
And finally, implement the SCV process to avoid any wire fraud. That stands for Stop. Call. Verify.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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