Wire Fraud Protection

[Shafi Noss]

I haven't been a victim and would like to keep it that way. I heard a story of a borrower who changed the payoff letter and wire instructions to the title company and then impersonated the lenders voice on the wire confirmation phone call, title company didn't catch it. What are the best ways to protect against wire fraud?

[Tom Gimer]

Never, ever fall for a "we've updated our wire instructions" email purporting to come from a title company... whether requesting an EMD, cash to close, anything.

Verify that every email address contacting you regarding a real estate transaction is not a spoof. Every character counts. The scams are getting deeper and more clever.

Call the title company directly at their published phone number to confirm wire instructions immediately prior to sending any funds.

Most title companies are now using enhanced wire fraud protection methods so be prepared to deal with delays these extra precautions may cause in disbursement.