We all help protect our customers from fraud
By Birthright Title
We’re glad you want to choose Birthright Title for your closing. It’s going to be an exciting time for everyone involved. However, we must start by talking about something a little less fun – you need to be on the lookout for wire fraudsters at all times. Let’s start by saying last-minute changes to your wiring instructions almost never happen, and you should be suspicious of anything that seems like it could be fishy.
During the process of buying or selling a home, it takes plenty of people surrounding our customers like you to protect their best interests. Realtors, loan officers and title companies are all on the same team.
Realtors can build an effective first line of defense by discussing fraud protection early on in the process. Many homebuyers think, “That couldn’t possibly happen to me,” without realizing they may be at risk as they speak those very words. We’ve all seen the stories. In fact, there was more than $213 million reported lost due to real estate wire fraud in 2020, according to the FBI.
We recognize your valiant efforts to stay ahead of the criminals who are scheming daily to upend homebuyers during such an important life event, but the mission must continue. Educating buyers and sellers on what to look for concerning wire fraud is as easy as 1, 2, 3.
- Beware of inbox overload. Most scammers count on your customers being swayed by eye-catching subject lines in their email. If it sounds too good to be true, it probably is. Encourage your customers to ask first, and click later.
- Last minute isn’t in it. Remind your customers that last minute wiring changes by email are extremely rare. If changes are needed, let them know that you will contact them personally by phone or in person.
- Questions? Reassure your customers that you are ready and willing to answer any questions they may have. Tell them to call you or us directly if they have any suspicions. Maintaining open lines of communication may mean the difference between frustrations and congratulations.
Getting real about wire fraud can seem daunting at first, but it’s well worth it for the safety and security of your transaction.
