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Before You Wire

Wire fraud hands on keyboardWire fraud incidents continue to rise. The FBI reports a 400% increase in fraudulent wires over past year. Hackers are targeting realtors, title companies and others within the industry with fraudulent wiring instructions. Once a fraudulent wire is sent to a hacker’s account it is irretrievable, and consumers are losing money. 

Investors Title Company does not require that your client send a wire for closing, and does not email your client to request a wire. In a wire fraud scheme, hackers will commonly steal individuals’ email logins and passwords and send fraudulent wire transfer instructions. These messages will be disguised to look as if they came from the professionals the consumer has been working with in their real estate transaction.

Educate your client to always verify wiring instructions by phone with the title company before sending a wire. They should also verify that the payment was received after they complete the transfer. Watch this video and share it with your clients to better understand how to avoid falling victim to wire fraud.

Before sending a wire on a customer’s behalf, Investors Title Company requires the customer to complete our Wire Authorization form in person, and include a cancelled check of the receiving account. In our all investment title and closing services, we take a service-oriented approach to making the closing experience stress-free. Avoid the stress of falling victim to wire fraud by knowing the red flags and proper wiring procedures. For more detailed information on our wire transfer process, read this post.


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