What Is Real Estate Wire Fraud?
Real estate wire fraud is one of America's fastest-growing cyber crimes, and sadly, it's often financially and emotionally devastating to its victims. But it's a crime we don't hear about that often—which is part of what has allowed it to spread so quickly. One of the best ways to prevent any type of fraud is to be aware and be on the lookout for suspicious activity, and wire fraud is no different.
The best way to prevent real estate wire fraud is to know what it is, how to spot it, and how to take action to prevent it. So, here's everything you need to know about wire fraud.
What Is Wire Fraud?
Simply put, real estate wire fraud occurs when a scammer (typically via email) impersonates someone you trust—like your lender, attorney, or agent—and instructs you to wire your closing funds to a false bank account.
If this sounds like something you'd never fall for, think again. Scammers often use incredibly detailed and accurate falsified email accounts, and are even able to hack into accounts or databases to obtain your personal information. This isn't going to be a poorly-worded email coming from a spammy-looking address—in fact, you might not even notice anything is off, especially if you're not on the lookout!
How Do You Spot Wire Fraud?
So, if this email looks so legitimate, how on earth are you supposed to know the difference between what's real and what's fake? Fortunately, there are a few telltale signs that something's off. Here's what to look for.
How Do You Prevent Wire Fraud?
If you suspect something, anything is off, call your agent, lender, or attorney right away. It never hurts to double check, even if everything is perfectly fine! Better safe than sorry, after all. Here are a few more tips for preventing wire fraud.
Buying or Selling in Cable, WI?
Are you thinking of buying or selling a home in the Cable, WI area? Let McKinney Realty be your guide! Not only will we help you navigate the real estate process from start to finish, but we'll also ensure your personal information is always safe and confidential so you don't find yourself the victim of a ruthless crime like wire fraud. Contact us today to learn more, to ask any questions, or to get started buying or selling!