The real estate industry is a popular target for wire fraud due to the large amounts of money being transferred for transactions. Cyber criminals try to intercept conversations between clients, real estate agents, mortgage companies, and title companies in hopes to gain access to a large lump sum of money. A criminal will appear to be a trusted source and send wire transfer instructions but give false information for buyers or sellers to send money to the criminal's account, versus the intended recipient in the transaction. It's best to protect yourself from wire fraud if you are involved in a large transaction, like buying or selling a home. Our mortgage lender at Lake of the Ozarks wants to help protect you! That's why Team Lasson has provided some tips on how to be more vigilant when you're involved in this type of large money exchange. Here are some tips to keep in mind to avoid being a victim of wire fraud!
Take Your Time
Real estate transactions are often under time restraint. Certain documents and information are due in a timely manner. Take the extra time to ensure you are sending wire transfers to the correct recipient before you rush and hit send on the request. Stay in communication with your lender and agent to ensure you know the next steps ahead of time so you aren't unprepared or rushed to complete a task.
Question All Email Requests
Cyber criminals are very savvy with technology and can appear to be sending from a trusted email address. Take the extra time to ensure the email address that is sending instructions isn't masked, meaning it displays as a familiar email but when you hover over the email, it shows the true sender's email address. If an email address doesn't look familiar, it should raise a red flag.
Consider a Cashier's Check
A cashier's check is a check that is certified by a bank. This payment source is treated as guaranteed funds because the bank is backing and verifying the funds. This is the safest way to pay for a transaction, especially in the real estate industry. When possible, opt to pay via a cashier's check versus a wire transfer. Make sure you verify with the title company how they want your funds transferred to them for closing.
Call to Confirm Wire Transfer Instructions
If you are given wire transfer instructions via email, it's best to contact your lender, agent, or title company to verify the validity of the email. It may seem like you are taking extra time that isn't necessary but this extra step can save you big time from being a wire fraud victim.
Are you preparing to buy or refinance your home at Lake of the Ozarks? Our trusted team of mortgage lenders in Osage Beach, MO is here to help you secure your loan. Remember, always practice the above tips when you're involved in a large transaction to avoid falling victim to wire fraud. Give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com to get started with your home loan process!
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