Wire Fraud Risks and Home Buying

As technology advances, more and more transactions such as down payments, earnest money deposits, and mortgage payments are completed through electronic wire transfers. While this is a faster and easier way to send payments than a check, many criminals have used this as an opportunity to commit fraud or steal money.

Watch this video and follow these critical steps that will help make sure you do not become a cybercrime victim.

1. Choose a Secure Wire Transfer Method

Never accept wire instructions via email or phone. Any professional hacker or phisher can mask themselves as someone else and create a fake email or phone number to retrieve your personal information. When accepting wire instructions, set up an in-person meeting or call the escrow company directly. From the documents you were given, look for a phone number to reach them. On the other hand, an email can also raise suspicious flags. If this occurs, call the escrow company to confirm the email address of the sender. Even a minor typo or misspell can trick you and put your financial information at high risk.