Wire fraud is, unfortunately, a common crime in this day in age. With more and more online communication and transfers being made, more cybercriminals have targeted this type of transaction. The real estate industry has been hit especially hard and it's a popular target for criminals since large funds are typically transferred during a real estate transaction. Our team of mortgage lenders in Lake Ozark, MO is here to offer some advice on how you can help better protect yourself from becoming a victim of wire fraud.
Be Cautious With All Email Requests
Cybercriminals are good at what they do. They can make an email appear to be coming 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. Take extra precautions to ensure you are sending information to the right email to keep cyber criminals out of your email threads.
Slow Down
Home buying transactions are typically under a time restraint. Certain documents and information are due in a timely manner. Take a little bit of 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, title company/escrow agent, and real estate agent to ensure you know the next steps to be prepared for upcoming requests.
Use a Cashier's Check
A cashier's check is a check that is certified by a bank. This type of payment is treated as guaranteed funds because the bank is backing the check and verifying the funds are available to transfer. A cashier's check is the safest way to pay for a transaction, especially in the real estate industry. Check with your title company to verify how they want your funds transferred to them for closing.
Double Check Wire Transfer Instructions
If you opt to pay via a wire transfer and you are given 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 that only takes a couple of minutes can save you big time from being a wire fraud victim.
Team Lasson is here to help keep you protected and informed during the entire home purchase process. Practice the steps that our Lake of the Ozarks mortgage lender has provided above to better protect yourself against wire fraud when you do purchase a home at Lake of the Ozarks. If you're ready to chat about your mortgage options, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com to get started!
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