Buying or selling a home can be an exciting time and involves a process that is not common to most people.
But don’t let your guard down to the increasing level of cybercrime surrounding money transfers associated with this high-ticket event.
You know how easy it is to be misguided by phishing scams trying to separate you from your money, and closing on a property is no exception. The criminals want to hook your hard-earned bucks right out of your bank account and pick this time of excitement to drop their line in the water. Don’t bite!
Here are a few things you need to know when you’re contract/transaction is in the Title company:
- All requests for your personal information or wiring instructions for funds should come directly from the closing title company, as shown by your contract.
- Never trust wiring instructions sent by email. Cybercriminals are hacking email accounts and sending convincing and sophisticated fake wiring instructions.
- Do not respond to emails or texts with requests for personal information or banking data.
- Always independently verify in person or by a trusted phone number (that YOU dial – not incoming!) any requests from the title company. Your real estate broker, agent, or team member should not request such data from you.
The Texas Association of Realtors has addressed this ever-increasing problem with a form to alert consumers to this problem. Buyers and Sellers Beware: Criminals are targeting real estate transactions. Don’t be a victim of wire fraud.
Pretty much says it all.