July’s Closing Tip is a Fraud Alert! Spoofing is on the rise and targeting your buyers.
Hackers will email fraudulent wiring instructions attempting to get your clients’ money. They gain information about a transaction through SPOOFED email addresses, SPOOFED web links, SPOOFED fax machines and SPOOFED Caller ID, using technology to impersonate a legitimate party. Using encrypted email is not enough, especially if it is sent to the wrong address or individual. Cyber criminals can and do send wiring instructions encrypted, too.
So, what can YOU do to help? Advise your buyer to be alert to fraud and follow these instructions:
1.) Determine the intended recipient from an independent source and verbally verify the contact name and phone number for confirming wiring instructions. Don’t rely on a phone number in an email as being legitimate.
2.) Upon receipt of the wiring instructions and before wiring funds, call the title company to verbally confirm the wiring instructions.
3.) Call the title company when the wire has been ordered and ask the title company to call you when they have received it.
Please help us ensure your client’s money doesn’t fall into the wrong hands!