Wire Instructions & Fraud

Wire Instructions & Fraud

Hard to believe that something is potentially lurking around the corner when you are closing on a home.  It is usually a happy time from both ends of the deal.  However, with the changes to the Ohio Good Funds Law coming into play in April and more and more people are using wire transfers to exchange money; there comes the criminal element to trick you.

Precautions that Need to be Taken

For both Sellers and Buyers there are precautions that need to be taken as you head to the closing table.  Number 1 issue is to be aware where you are sending/receiving your money.  With the push for Wire Transfers as a secure way to transfer money, a more sophisticated con has developed.  People who pose as the title company or Realtors have been sending emails to buyers and sellers to get their account information.   People, trusting that these emails came from legitimate sources, have forward on to these people their information to find out later that it was all a fraud and their funds are gone.

How to Protect Yourself?

  1. Call your Realtor, Lender, Title Company, etc. to find out if the information you received is correct.
  2. Review the email address that it is coming from.  If it has the correct name; but, an off email address to it, stop and ask questions.
  3. If it feels off; just, verify what is going on.

It is amazing how a little phone call to verify what is happening can save you from fraud.  Trust but verify.  Those should be the words any person who is transferring money should live by.