Real estate transactions often involve transferring large amounts of money, making buyers and sellers potential targets for wire fraud.
Criminals may attempt to impersonate a real estate agent, lender, attorney, or title company and send fraudulent instructions designed to redirect closing funds.
Knowing the warning signs can help you protect yourself.
Be Cautious With Email
A fraudulent message can look surprisingly similar to legitimate communication. An email may use familiar names, logos, transaction details, or language to appear trustworthy.
Pay particular attention to messages involving money or changes to payment instructions.
Verify Wiring Instructions Independently
Before sending funds, verify wiring instructions using a trusted phone number or another method you have independently confirmed.
Do not rely solely on the contact information included in an unexpected email asking you to transfer money.
Treat Changes as a Red Flag
Be especially cautious if you receive a message claiming that previously provided wiring instructions have changed.
Do not send money based on a last-minute change without independently confirming the request.
Do Not Let Urgency Override Caution
Fraudulent messages often try to create a sense of urgency. You may be told that money must be sent immediately to prevent a delay.
Taking a few extra minutes to verify instructions can be an important safeguard.
Speak Up if Something Seems Wrong
If an email, phone call, or set of instructions seems unusual, contact a trusted party involved in your transaction before taking action.
Protecting your funds is an important part of preparing for closing. Contact Crest Title Company if you have questions about your upcoming transaction or need to verify information related to your closing. Our team is here to help you move toward closing with greater confidence.