Wire Fraud in Real Estate Transactions
In 2021, losses from cybercrime in the real estate/rental category reached $350,328,166 according to the latest FPI Internet Crime Complaint Center's report.
As fraud becomes more prevalent, here are some things you can do to help yourself and your clients.
Use a secure platform
Confirm wire instructions with your clients
Verify the wiring process with your vendors
Make sure you always ask for and receive your Federal Wire Reference Number
If you or your client are victims of wire fraud, notify the bank immediately!
Wire fraud may seem like a shameful event, so sometimes we keep the story and the warnings to ourselves. If you or your client are victims of wire fraud, get your story out, listen to others, share their stories too, and learn from their mistakes.
To read the full article, click the link here:
By Michelle Esparza
Private Lender, The Official Magazine of AAPL
Summer 2022 (Q3), p.20-23
Published on July 5, 2022