Colony Title Associates

Wire Fraud Is On The Rise

With the move towards more digital technology wire fraud has become even more popular than ever before.

In the digital era, fraudsters have increased their game in an attempt to steal, connive, and deceive. In fact, a lucrative target for criminals is now the real estate industry at large. All parties involved in a real estate transaction need to take extra steps to ensure that they have a minimal risk of being targeted. Fraudsters are constantly lurking for any potential vulnerabilities at every single corner of the internet. This becomes evident when it comes to online banking transactions. A known email scam called phishing is being utilized more and more to redirect client’s money into fraudulent accounts. Here is a helpful guide for avoiding these fraudulent transactions and protecting your assets.

Verify And Secure Your Banking Information

Ideally, all home buyers and sellers check that the wiring instructions they received came from a supported email format. Seeking the advice of a professional is usually the best and safest bet to make when it comes to real estate and banks. Also, you’ll want to ensure that the receiving bank is verified. All it takes is a simple verification from your bank to ensure that your information is safe and secure.

The Extreme Dangers Of Wire Fraud

With fraudsters hacking into email accounts of lenders, real estate agents, or title insurance companies, they can easily provide false wiring instructions. As a result, people are releasing funds into a false account. This is harmful because the funds that are wired into a fraudulent account are virtually impossible to recover successfully. Therefore, it is critical for everyone involved that they take extra precaution when handling wired funds. Although wiring funds are not that common, it does happen. If you are in the process of wiring money, please make sure that the email is secured and verified. Otherwise, you could be looking at a massive disaster that could leave you in serious financial disarray.

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.