How to Avoid Wire Fraud - the Most Common Type of Real Estate Cybercrime

According to the FBI, 27,178 people in Texas reported being victims of cybercrime in 2019. And those victims lost a total of more than $221 million. 

Wire fraud is the most common type of real estate cybercrime - you need to learn how to avoid wire fraud. With more business than ever being done online, stay safe by following these tips:

• Be suspicious of any message with money-wiring instructions. Red flags include changes or updates to wire details you previously received. However, a first message with wiring instructions or a message to “resend” or “verify” instructions could be fraudulent as well.
• Before you send any funds, call your settlement or closing agent at a phone number you know is correct. Do not call any number from the message you received.
• After you wire funds with instructions you have independently verified, call your settlement agent to confirm the funds were received.
• If you suspect fraud, contact your bank and the FBI immediately. The sooner you take action, the better the chances of recovering funds.

Source: Texas Realtors®