Warning! Wire Transfer Fraud Prevention Tips

Blog posted On May 15, 2018

In the midst of the busy home buying and selling season, fraudulent activity becomes more prevalent.  Due to the recent increase in Wire Transfer Fraud activity, it is important to remain vigilant by staying aware throughout the transaction and reporting any suspicious activity immediately.

When a realtor or title company experiences an email hack, fraudulent wire instructions sent by cyber criminals can cause borrowers to lose their down payment funds with little chance of getting the money back.

Wire Transfer Fraud Prevention Tips 

  • Always verify the wiring instructions with the Title Company or Attorney over the phone. Never accept via email only.
  • Be suspicious when receiving an email notification that wiring instructions for a Title Company or Attorney has changed. It is very rare that a change like this will occur during a transaction.
  • Get the Title Company or Attorney’s wiring information ahead of time, not at the time of closing.
  • If you suspect Wire Transfer Fraud has occurred, or are concerned with a transaction, please contact the CMG Financial Fraud Department immediately.

Seemingly harmless email communication could be a phishing opportunity for hackers.  Don’t become a victim of wire fraud!  Education is key to prevention.