How To Prevent Wire Fraud

It’s an unfortunate truth, but billions of dollars are being lost due to cyber and wire fraud.

Frequently, fraudulent wire instructions are sent to the consumer. The consumer sends the funds to a fraudulent account and the funds can be lost forever. Everyone must work together to stop this before it happens.

Below are some recommendations to help reduce the chances of this happening to you or your family:
email icon

Be Aware Of Your Email

Everyone should assume that all regular email is being watched by fraudsters.

communication icon

Keep Consumers Informed

Inform the consumer early and often. Many consumers do not know what we do and don’t understand the process. Real estate agents are the first line of defense. Fraud can happen before a file ever reaches a title company.

file folder icon

Protect Your Files

Ideally, wire instructions are physically handed to the consumer. Alternately, they can be sent by encrypted email or by way of a password protected file.

The consumer should be told repeatedly to never wire funds using instructions from regular email that is not encrypted.

confirm icon

Confirm Instructions

Consumers should double check wiring instructions with a reputable source before sending a wire.

do not use icon

Never Use Changed Instructions

Consumers should never wire funds using instructions that have been changed.

what to do icon

If It Does Happen...

In the event that funds are wired to a bogus account, actions should be taken immediately to enhance the chance that the funds can be returned. After 24-48 hours would likely be too late.

Ready To Get In Touch?

Get In Touch

info@capstonetitlellc.com

Follow Us On

facebook icon in white   instagram icon in white    linkedin icon in white

© 2022 Capstone Title LLC, All Rights Reserved.