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Safeguarding Your Property: How To Avoid Real Estate Escrow Fraud
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How the Scam Works:
- When buying a house, you need to transfer funds to a title or escrow company.
- The title company holds the funds and the deed, ensuring a secure exchange between buyer and seller.
- Scammers hack into emails related to the transaction, monitoring communication between buyers, sellers, and agents.
- At the right moment, they send a fake email, appearing to be from the title company, with fraudulent wiring instructions.
- The email looks legitimate, containing correct details such as the title company’s name, logo, amount, and transaction information.
- Buyers wire the money, unknowingly sending it to scammers, with little to no chance of recovery.
How to Protect Yourself:
- Verify Wiring Instructions:
- Walk into the title company in person to get the wiring instructions on their letterhead.
- Test the Transfer:
- Wire a small amount first (e.g., $10, $100, $1,000).
- Go back to the title company to verify they received it.
- Once verified, wire the full amount.
- Avoid Phone Verification:
- Scammers can fake phone numbers. Always verify in person.
Additional Tips:
- The process may require multiple trips, but it’s worth the extra effort to secure your funds.
- Real estate professionals can access free checklists and resources to help prevent these scams.
Call to Action:
- Resources: Check the link below for more detailed instructions and checklists.
- Explore More: Browse our channel for related videos and information that might help you with other real estate or cybersecurity issues.
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