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According to the FBI, real estate wire fraud is one of the nation’s fastest-growing and financially damaging internet-enabled crimes, with claimed losses in 2022 exceeding $2.7 billion.
The average wire fraud for consumer recovery cases last year was $106,557, reports the American Land Title Association (ALTA) and the totals may be even higher as not all victims choose to report their losses.
Because criminals never stop trying to steal our hard-earned funds, the title companies affiliated with Anywhere Integrated Services (AIS) are designating October as a time for real estate professionals everywhere to help spread the word to their clients: Put an end to wire fraud. Call before you send.
Consumers need to know that cyber-criminals frequently call or email real estate buyers pretending to be their real estate agent or title company representative telling them to wire funds to a number different than the one they have been given.
The message may seem innocent, but consumers who receive such last-minute instructions should call the office number they know is accurate to verify the wire instructions.
The sad fact is that neither banks, agents, or title companies are responsible for wires sent to incorrect bank accounts, and that funds mistakenly sent to bogus recipients are rarely recovered. That’s why it’s critical for consumers to protect themselves by heeding this very simple message: Call before you send.
Consumers who find they have been victims of wire fraud should do the following as soon as possible:
- ️ Contact your bank to report the fraud and request that a recall of the wire be sent to the receiving bank because of fraud.
- ️ Call the receiving bank’s fraud department to notify them you have requested a recall of the wire because of fraud and request the account be frozen.
- ️ Report the fraud to your local FBI office and/or the FBI’s Official Internet Crime Complaint Center.
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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax, or investment advice. You are encouraged to consult your legal, tax, or investment professional for specific advice.
© Copyright 2023 Sunbelt Title Agency, a subsidiary of Anywhere Real Estate | Bobbi Pronin is not an employee of Anywhere Integrated Services or affiliated with its title companies.
