The Rise of Real Estate Wire Fraud
Real estate wire fraud is another area of growing concern, with hackers increasingly targeting homebuyers by posing as real estate professionals and tricking them into wiring their closing funds to fraudulent accounts. The consequences can be devastating, as evidenced by the $446 million in losses reported in 2022 across 2,284 victims.
At Counsellors Title Agency, we have continually strengthened our digital security protocols to protect our clients from wire fraud. However, the fight against this type of fraud requires more than just robust security measures; it also demands ongoing education and awareness. We provide our real estate partners with the resources and tools they need to educate their clients about the dangers of wire fraud and how to protect their hard-earned money during the homebuying process.
Protecting the Vulnerable: Elder Real Estate Fraud
Elder real estate fraud and financial exploitation are on the rise, with older Americans increasingly targeted by fraudsters seeking to take advantage of their assets. This can include forged or coerced signatures on legal documents, inappropriate use of authority under a Power of Attorney, and other forms of financial exploitation. The FBI’s Internet Crime Complaint Center (IC3) reported that almost 1,500 Americans aged 60 and older lost $65 million in real estate scams in 2023 alone, with a 14% increase in complaints filed by elderly victims compared to the previous year.
Fighting Money Laundering in Real Estate
Money laundering through real estate transactions is another significant concern, particularly in all-cash purchases where the identity of the buyer may be obscured by shell corporations. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has been working to combat this issue through Geographic Targeting Orders (GTOs), which require title companies to report beneficial ownership information for certain high-value transactions.
Counsellors Title Agency: Your Partner in Fraud Prevention
At Counsellors Title Agency, we understand that protecting property rights goes beyond ensuring a clear ownership title—it also involves preventing and thwarting fraud at every stage of the transaction. Our team’s expertise, honed over nearly 30 years, is a vital asset in the fight against real estate fraud.
Whether you are a first-time homebuyer or a seasoned real estate professional, you can trust Counsellors Title Agency to provide the knowledge, resources, and protection you need to navigate today’s complex and often perilous real estate landscape. Together, we can safeguard your investment and ensure that your homebuying experience is as secure and seamless as possible.
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.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/