What is wire fraud in Real Estate? How does wire fraud in real estate happen? In this video, I discuss how wire fraud in real estate transactions happens and how to prevent yourself from being a victim of real estate wire fraud.
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What is wire fraud?
Wire fraud in real estate is a scam in which a hacker poses as the escrow company and convinces you to divert your closing costs to a fraudulent account. Real Estate wire fraud relies on a complicated hacking technique called phishing.
Real Estate wire fraud who is liable?
At the end of the day you are liable for where you wire the money so make sure that you know where the money is going. The hackers could be pursued by the FBI but there are no guarantees that you will be refunded the missing money so ultimately you are liable where you wire the money.
How can you avoid wire fraud real estate?
The best way to avoid wire fraud in real estate is to verify wiring instructions with the escrow company by telephone before wiring your closing funds. The alternative is to use the wiring instructions that they provide in writing during the signing process and not using anything other than that to wire funds but either way it’s important to call and verify that you have accurate account information before wiring any funds.
Are you buying a home and have questions about wire fraud? If so, please comment below or contact me directly.
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