The Basics of Avoiding Wire Fraud

How Do Criminals Start the Process?

They begin with a technique called ‘phishing’, where they send emails with links to a website or instructions to perform a task. It goes straight to your email inbox, sometimes even through a phone call or a text message to your phone number. Almost always, the message from them will want you to input some kind of information or click on a link. The links are especially dangerous because your information is automatically uploaded and given to the criminal, even without you having to fill in any forms. These messages may appear to come from a recognized source like your title company, or a seemingly legitimate business. A reliable hint to their devious intent is the urgency. The criminal seems in an awfully big rush to steal people’s money.

Therefore, helpful tip #1: DO NOT CLICK ON ANY LINKS.

What can be done to keep your wire safe?

Businesses who handle wires, like a title company, are now taking precautionary measures to minimize wire fraud within their operations. When I approached one of our veteran title agents, Rita Schmidt, about wire fraud; her advice was for anyone wiring money:

“Make sure to call the title company before you send your money. Confirm our wiring instructions, ask the name of the person it will be going to. After the wire is sent, call back to confirm that the wire has been received.”

Helpful tip #2, and the main takeaway, is to INQUIRE BEFORE YOU WIRE!!!

This cannot be stressed enough. Some people save money their whole lives to be able to buy a home, for it to all to go to some criminal hunting for the next easy pay day. Do not let this be you! Be smart with your money, and remember to call your title company about sending your money — INQUIRE BEFORE YOU WIRE’.