When you are buying a new home, it is important to protect yourself from wire fraud. A title insurance agency can help you do this. Skyway Title Services, LLC will work with you and your lender to ensure that your money is transferred safely and securely. This will help to reduce the risk of being scammed when buying a new home. In this blog post, we will share what and why you should care about wire fraud and how we can protect you from it.
What is wire fraud and why should you care?
In 2018, the FBI reported that wire fraud was on the rise in the United States. This type of fraud occurs when a person or group uses email or other electronic means to trick people into sending them money. Wire fraud can happen to anyone, but it is especially common during real estate transactions.
According to the FBI, there were over 11,000 victims of wire fraud in 2018.
The average loss was over $140,000.
Of all the victims, 47% were over the age of 50.
There are many ways that criminals can commit wire fraud, but some of the most common include creating fake websites or emails that look like they are from legitimate businesses, using spoofed phone numbers to call victims, and pretending to be a real estate agent or loan officer.
Wire fraud can have devastating consequences for victims. In many cases, people have lost their life savings or been forced into bankruptcy. This is why it is so important to be aware of the dangers of wire fraud and to take steps to protect yourself.
How we can protect you from wire fraud?
Work directly with our closing agent to ensure that your money is transferred safely and securely and that all wiring information is verified directly.
Here are some specific techniques that we are constantly trained on to help you fight against wire fraud:
Asking for a wire confirmation from your bank that includes the account number, routing number, and amount of the wire transfer. This will help to ensure that the money is going to the right place.
Reviewing all documents related to the transaction carefully. This includes emails, text messages, and contracts. If anything looks suspicious, they will bring it to your attention.
By following these simple steps, you can help to protect yourself from wire fraud when buying a new home. Title insurance agents are trained to spot the signs of fraud and they can help you protect your money.
If you have any questions about wire fraud or how to protect yourself, be sure to ask us any questions. We will be happy to help you understand the risks and take steps to protect yourself. Buying a new home is an exciting time, but it is important to be safe and protect your investment. Skyway Title Services, LLC can help you do this.