CYBER SECURITY
CYBER SECURITY
Protect Yourself From Cyber Fraud
Watch the video or read below to learn how to protect yourself from cyber fraud.
Protecting Your Funds: How to Avoid Wire Fraud in Real Estate Transactions
Real estate transactions are a prime target for hackers due to the large sums of money involved. Here’s how wire fraud can occur and, most importantly, how you can prevent it:
How Wire Fraud Happens
- Hacked Email: Cybercriminals gain access to the email account of someone involved in the transaction—this could be the buyer, seller, real estate agent, mortgage lender, or title agent.
- Fraudulent Email: The hacker sends an email from the compromised account, altering wiring or payment instructions without the other parties’ knowledge.
- Funds Misrouted: The unsuspecting recipient follows the fraudulent instructions, sending the funds to the hacker’s account instead of the intended recipient.
- Discovery on Closing Day: By the time the error is discovered—often on closing day—the funds are typically irretrievable.
How to Safeguard Your Money
Rule 1: Always Verify Wiring Instructions
Be cautious of any email containing wiring instructions. Hackers are skilled at mimicking legitimate communications.Rule 2: Call to Confirm Before Sending Money
Always contact your title company directly using a verified phone number before initiating any wire transfer. Double-check the account details with your contact person and confirm them again with your bank.Rule 3: Verify After Sending Money
Once the wire transfer is complete, promptly call your title company to ensure the funds were received by the correct account.Rule 4: Act Fast if Something Feels Off
If you suspect fraud or notice anything unusual, immediately contact your bank, mortgage company, and title company. Quick action can sometimes prevent or mitigate the loss. In serious cases, you may need to involve your local FBI office.
Your Trusted Partner in Secure Transactions
At True Title Ocala, we take extra precautions to protect your funds and ensure a smooth, secure closing process. Let us guide you through every step with confidence and peace of mind.
