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What You Need To Know To Prevent Wire Fraud

Updated: Jan 8

Closing on a home is an exciting milestone, but it can also be a time of heightened stress. As you navigate the financial aspects of purchasing a property, it's important to be aware of the growing threat of wire fraud. Scammers are targeting homebuyers during the closing process, attempting to intercept funds by manipulating wire transfer instructions. To ensure a safe and secure transaction, it's essential to take preventive measures. The following are some valuable tips to help protect yourself from wire fraud.

  • Communicate Directly with Your Settlement Agent: When it comes to wiring instructions, always contact your settlement agent directly. Avoid relying on email or phone calls with others for this critical information. Scammers can intercept messages and impersonate legitimate parties, leading you to send funds to fraudulent accounts. By speaking directly with your settlement agent, you minimize the risk of falling victim to wire fraud.

  • Verify All Details: Before initiating any wire transfer, carefully verify all the information provided for the transaction. Confirm the account number and the account holder's name exactly as it appears on the account. Even the smallest discrepancy can indicate fraudulent activity. Taking the time to double-check these details can save you from potential financial loss.

  • Seek Clarification from Your Mortgage Representative: If you have any doubts or concerns about the wire transfer process, reach out to your mortgage representative. They can address any questions you may have and provide additional guidance to ensure a secure transaction. Never hesitate to seek clarification, as it is better to be safe than sorry.

  • Confirm the Success of the Transfer: Once the wire transfer is complete, reach out to the title company or settlement agent to verify that the funds have been received successfully. This step helps provide peace of mind and ensures that your payment has reached the intended recipient.

To learn more about how to prevent wire fraud, call us today. We would love to discuss how you can safely purchase your dream home.

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