Wednesday, February 20, 2019 / by Cary Crowe
Wire Fraud Warning For Homebuyers
The growing issue of wire fraud is happening in our real estate industry in Utah. There are people who are watching your email and when you are closing the deal and are ready to wire money to the seller, they pose themselves as the title company to have you wire that money to them instead.
Once your money is wired, it’s gone and you will not get it back.
How does a wire fraud work?
We recently had a client who received an email which apparently looked from our company. The email dropped into their inbox after the closing disclosure had gone out to the client. The disclosure document basically tells the client what they need to bring in to the closing. It also includes all of the figures and charges of the deal.
Since someone was watching their email they included the exact amount and prompted the client to wire the amount to them. The client was cautious enough and so he texted the agency the email snapshot in order to confirm. It was easy ...
Once your money is wired, it’s gone and you will not get it back.
How does a wire fraud work?
We recently had a client who received an email which apparently looked from our company. The email dropped into their inbox after the closing disclosure had gone out to the client. The disclosure document basically tells the client what they need to bring in to the closing. It also includes all of the figures and charges of the deal.
Since someone was watching their email they included the exact amount and prompted the client to wire the amount to them. The client was cautious enough and so he texted the agency the email snapshot in order to confirm. It was easy ...
