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How to Avoid Wire Fraud

Realtors, Real Estate Brokers, Buyers, and Sellers are targets for wire fraud and have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.

A hacker will break into a licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker will send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email will contain new wiring instructions or routing information and will request that the buyer send the funds accordingly.

Executive Associates Title is urging our clients to CALL BEFORE YOU WIRE and never reply upon email communication. Always follow these two simple steps:

Steps to Safely Wire Funds

Step 1:

Obtain the phone number of your Real Estate Broker, Realtor, and your Executive Associates Title Escrow Officer as soon as an escrow is opened.

Step 2:

Call the phone number you wrote down from step #1 above to speak directly with your Executive Associates Title Escrow Officer to confirm wire instructions PRIOR to wiring. If you receive alternative wiring instructions from Executive Associates Title, be suspicious as we rarely change our wiring instructions.

ALWAYS CALL BEFORE YOU WIRE.

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How to Avoid Wire Fraud

Steps to Safely Wire Funds

Step 1:

Step 2:

ALWAYS CALL BEFORE YOU WIRE.

When in doubt, always call our office or your escrow officer