$2.65 MILLION PER DAY STOLEN FROM REAL ESTATE TRANSACTIONS
That was the average daily cyber crime theft in recent months, according to the FBI. Real Estate buyers lost $969 million to wire fraud, up from $19 million in 2017.
i Help my clients stay safe by warning them about wire fraud and recommending 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.
i Always provide our client Sellers and Buyers The Texas Association of Realtors form Wire Fraud Warning, form (TAR 2517) to inform parties the real estate transaction about the risks of wire fraud and what to do if they believe they are being targeted. For Realtors this form is one of 136 forms exclusively available to Texas Realtors. You can see them all at the texasrealestate.com/realtorforms