Real estate investing often requires capital beyond what traditional lenders are willing to provide. This is where hard money loans can come into play. Hard money is a type of loan that is secured
Protecting Yourself from Real Estate Wire Fraud
Dated: March 24 2023
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Wire fraud is a type of scam that is becoming increasingly common in the real estate industry. In this scam, hackers intercept email communications between parties involved in a real estate transaction and send fraudulent wire instructions. The unsuspecting victim then wires funds to the hacker's account, and the funds are often unrecoverable.
Here are some tips to protect yourself from real estate wire fraud:
- Verify wire instructions: Always verify wire instructions with the title company or other authorized parties through a phone call or in-person conversation. Never rely on instructions received via email alone.
- Be wary of unexpected changes: If you receive an unexpected change in wire instructions, such as a new bank account or recipient, do not wire funds until you have verified the changes with the title company or other authorized parties.
- Educate yourself: Learn about wire fraud and how it works. The more you know, the better prepared you will be to recognize and avoid these scams.
- Use secure communication channels: Whenever possible, use secure communication channels such as encrypted email or a secure online portal to transmit sensitive information.
- Be suspicious of urgency: Beware of urgent or high-pressure requests for funds. Fraudsters often use urgency as a tactic to pressure victims into wiring funds quickly without proper verification.
By following these simple tips, you can help protect yourself from real estate wire fraud and avoid becoming a victim. If you have any concerns about wire instructions or suspect fraud, contact the authorities and your real estate professionals immediately.
Masyn Barney
Hi, my name is Masyn Barney and I am a licensed real estate agent specializing in residential real estate in Utah County. I am a proud husband and father to a beautiful daughter and my family is my bi....
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