How to Protect Your Money From Wire Fraud
Wire fraud is a common type of financial fraud in the United States that involves using electronic communication, such as email or phone, to trick people into sending money to scammers. Every day, hackers try to steal your money and criminals will use a similar email address and steal a logo and other info to make it look like the email came from your real estate agent or title company. You can protect yourself and your money by following these tips.
Call, don’t email! Confirm your wiring instructions by phone using a known number before transferring funds. Do not use phone numbers or links from email. Be suspicious. It’s uncommon for title companies to change wiring instructions and payment info by email.
Protect Your Money
Always confirm everything. Ask your bank to verify the name on the account before sending a wire. Within four to eight hours, verify your money was received by calling the title company or real estate agent. Detecting that you sent money to the wrong account within 24 hours is the best chance of recovering your money.
Report If You’ve Been Targeted
If you believe that you have been a victim of wire fraud, there are several steps that you should take immediately:
- Call your bank and ask them to issue a recall notice for your wire
- Report the crime to www.lC3.gov
- Call your regional FBI office and police
Purchasing or selling a home is a significant accomplishment that can bring excitement, but it may also have hidden dangers. Always be alert and prepared so you don’t become a victim of wire fraud.
This is for informational purposes only and should not be considered legal advice.