Let’s keep talking about wire fraud with anyone who’ll listen

CertifID is a leading provider of fraud prevention tools in real estate. Plus, it was founded by a fellow title professional named Tom Cronkright. He’s been a frequent presenter on this key topic in real estate circles for years and is a regular interviewee for real estate and mainstream media alike. When Tom talks about fraud, everyone should listen.

This survey – titled the “2024 State of Wire Fraud Report” – differs from others often conducted on the topic, which is why we should all pay attention. It interviewed 650 regular, non-real estate professionals who bought property in the last three years.

Here are some of the most alarming findings:

• 1 in 4 people said they received suspicious communication regarding their real estate transaction. Furthermore, 10 percent of respondents stated they were a target of a specific fraud attempt. 
• More than half of people (51%) said they were only somewhat or not aware of the dangers of wire fraud before closing.
• About a quarter of homebuyers said they received no materials from their real estate agent or title company about the dangers of wire fraud. 

So, we want to use this blog (and many others shared in this space) to change those last two statistics. We encourage our real estate partners to keep discussing wire fraud during every step of the journey home, and we want buyers to know that we’re always here to verify any information and answer any questions you have.

Why is real estate such a prime target for scammers? There are a few reasons:

• The money involved in a single transaction makes any deal appealing.
• So many parties are involved in closing a deal, and it only takes one of us to let our guard down for a scammer to gain access.
• Artificial Intelligence and other technology have made these fraudsters harder to detect.

Wire fraud through email isn’t the only scam we need to be aware of in real estate, either. While the Birthright Title team has talked about seller impersonation schemes before, they continue to be an issue here in Tennessee and across the nation. To our Realtor friends, if you get a listing lead out of nowhere, especially if it’s for vacant land, verify the seller’s identity before accepting the listing. It could save a lot of headaches later.

As you can see, the fight against all kinds of scammers rages on this season. It’s why it’s more important than ever to continue talking about the dangers of wire fraud and why it’s so important to keep these awareness conversations going. Keeping your transaction protected and secure is always the goal for us! Reach out to Birthright Title anytime.