Cyber Security
Cyber Security
Protect Yourself From Cyber Fraud
Watch the video or read below to learn how to protect yourself from cyber fraud.
How Your Money Gets Stolen
- Hacked email – Hackers get access to the email account of someone involved in the transaction – the buyer, seller, real estate agent, mortgage lender, title agent, or other.
- Email from hacker – The hacker then emails that person to change the wiring or payment instructions without knowledge from the other parties.
- Consumer pays wrong account – If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
- Closing day – By the time closing day arrives and the mistake is realized, often the funds are long gone.
How to Avoid Wire Fraud
- How to Avoid Wire Fraud in a Real Estate Transaction as a Buyer - Wire fraud is a serious risk in real estate transactions, but with vigilance and the right precautions, you can protect yourself.
- Follow these tips:
- Verify the Title Company and Wiring Instructions
- Confirm the legitimacy of the title company directly by calling their verified phone number (not one provided in an email).
- Never rely solely on email instructions. Ask for the wiring details over the phone and verify them again before transferring funds.
- Be Wary of Email Communication - Hackers often target email accounts to intercept or alter wiring instructions. Be cautious of last-minute changes or unfamiliar email addresses. Look for subtle red flags like misspellings or unusual phrasing in emails.
- Use Secure Communication Channels - Avoid discussing financial details or wiring instructions over unsecured email. Whenever possible, use encrypted communication tools or portals provided by your title company or lender.
- Double-Check Before Sending Funds - Call the title company using a verified phone number to confirm the wiring details before initiating any transfer. Ask your bank to validate the account information during the transaction.
- Monitor the Transaction Closely - Watch for any suspicious delays or changes in communication. If something feels off, pause and investigate.
- Report Suspicious Activity Immediately - If you suspect you’ve been targeted by wire fraud or notice unusual activity, contact your bank and the FBI Internet Crime Complaint Center (IC3) immediately. Acting quickly increases your chances of recovering funds. Protecting your hard-earned money is worth the extra effort—stay vigilant, verify everything, and trust only secure sources!