02/28/22 | Ellie Botshon
Surgeons wash their hands meticulously and don gloves before heading into the operating room. They know that stray germs could mean infection (or even death) for their patient, so they perform this simple act as a precaution. And it works. Now, think of your hard-earned money as that patient on the gurney. Wouldn’t you take a few simple actions to protect that money from criminals as it’s being wired from place to place during your real estate transaction? We’re talking about real estate wire fraud today, and how to avoid it. And you don’t even need soap!
If you must communicate via email, don’t just hit “reply;” instead, click “forward,” then type in the exact email address you have on file, from an email you’ve already confirmed. This way, you’re always writing to the legitimate party, every time.
Assume that any changes in wiring instructions are fraudulent, especially if they’re coming via email.
Confirm wiring instructions by phone, from a number you have already used, with a person you’ve communicated with before. Don’t use the phone number from your wiring instructions.
Sellers, give your wiring instructions on the phone, to a trusted party, at a phone number you’ve independently verified.
Have a bank employee confirm the name on the receiving account before sending the wire.
Once the wire transfer is complete, call the recipient to confirm that the money has been transferred successfully. If you’re a seller with a mortgage, call your lender ASAP after your closing to confirm that the payoff was received.
The instant you detect that your money isn’t in your account, report this to both the sending and receiving banks.
Initiate a recall on the wire with the sending bank’s fraud department. Be ready to share the wiring details (the actual ones and the fraudulent ones). That bank will alert other financial institutions that may have received your wire so they can “freeze” that money. This way, the funds can’t be withdrawn or transferred out.
Ask the bank to initiate the FBI’s “Financial Fraud Kill Chain.”
Report the fraud to the FBI here, then call your local FBI office. They’ll work on recovering your funds.
Report the fraud to everyone involved in the finances of your transaction: agents, lenders, title insurance carriers, etc.
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With their complementary communication styles, responsiveness, competence, and ability to truly listen, Ellie and Liz enable their clients to feel at ease throughout any real estate transaction. They would welcome the opportunity to be your next real estate advisors.
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