Escrow Wire Fraud

Are you buying a house? 

Bankrate.com warns home buyers to protect themselves from fake title and escrow companies. Here’s how they work. They set up a website that looks like the company with whom you’re working. Their spoofing tactics are easily overlooked: like phone numbers, websites or email addresses that are just one digit off. You follow their instructions and in an instant, they withdraw funds from some offshore account. You’re left with nothing. So never send money without verifying instructions with a live person from a phone number listed on your original documents. Always confirm the escrow account number and verify the transfer of funds immediately upon completion. Do not click on email or text links or send money without live instructions from your true source. 

Unfortunately, we know that thieves are on the prowl. That means you have to be extra cautious. At the risk of repeating what you already know, keep the software updated on your phone and computer. Enable firewalls and use an antivirus or anti-malware. Avoid using free Wi-Fi networks. Create extra strong passwords and protect them. Don’t respond to unknown emails or follow unknown links. Check your privacy settings on social media and online accounts. Log out of apps and websites when finished using them. Guard the sharing of personal and banking information. Shred documents or anything with your name, address or other information. Ask God to thwart the plans of the dishonest. Buying a home is exciting, but in any transaction today, you have to be wise and discerning. So work carefully and never let down your guard!

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