Consumers don’t be scammed by fake emails and wiring instructions.
When having to wire money to a Title Company for your real estate transactions, just don’t rely on your Title Company’s or real estate broker’s email of wiring instructions, even if the email is secure. It is important that you contact the Title Company directly to verify their wiring instructions and bank account numbers.
There have been numerous reports of emailed wiring instructions that are being hijacked; and hackers are impersonating title companies and real estate brokers with revised and erroneous wiring instructions being resent to consumers. The FBI has reported that cyber-crime targeting home sales has exploded. The agency reports Americans lost $19 million to real estate wire fraud in 2016; a year later, the total skyrocketed to $969 million, a five-fold increase.
Remember to contact and talk directly to your Title Company before wiring money to them.
The following link to the Federal Trade Commission website will also explain how consumers are being scammed.