For many consumers, purchasing a home is likely to be one of the largest transactions they will ever make. Real estate wire fraud is not a new concept and has been on the rise in recent years due to the large sums of deposits being exchanged. However, doing your due diligence as a consumer can help protect yourself from becoming a target.
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Tip #1: Please DO NOT Discuss Wiring of Funds Over Email
If you receive a request through an email with instructions to wire funds, please call Metropolitan Title Company using our verified phone number and talk to our team directly; email is never a safe way to transmit wire and deposit information. We will never email you asking for these details.
Tip #2: Be Aware of Closing Changes
Whether you are the buyer or the seller, it might be easy to accept last-minute changes when you are excited to know that your transaction is almost complete. Scammers may ask you to wire the money immediately. Make sure to be wary of anyone who wants you to send money urgently, especially if the request comes through an email. When you are making a wire transfer, please call our team to confirm any details before wiring. This will ensure that the right recipient is on the other side.
Tip #3: Verify the Caller
Use phone numbers you know and trust, do not use phone numbers that are different from what is on our website or your closing agent’s business card. Spoofing is a scamming strategy that involves using special software to mimic your agent or lender’s phone number or email; it can be difficult to distinguish between a fraudulent and legitimate call. That is why it is a good idea to save the Metropolitan Title office number after the first time you are in contact with our team so that you know that number is safe and legitimate.
Tip #4: Do Not Be Afraid to Ask Questions
As mentioned earlier, for most home buyers and sellers, this transaction might be the biggest transaction you will ever make. It is okay and reasonable to ask questions to understand the plan. If you feel uncomfortable about something or simply just want to learn more about what is going on, know that you have the right to ask any questions.
Even though buying and selling a house can be stressful, it is ultimately a time to celebrate this monumental moment. It is essential to be cautious throughout your real estate process. If you have questions about real estate wire fraud, contact a member of the Metropolitan Title, so that we can answer any of your questions and concerns.
