Wire Fraud and Settlement

Believe it or not, wire and banking fraud has been around a long time. With the increase in technology and less and less people “talking” – moving towards electronic communication, this has made a way for hackers to take advantage of consumers. We all want to be believe that our information is safe and secure, even when using the internet or other forms of communication, the truth is, nothing is 100%. Many Title Agencies and Underwriters have put strict guidelines in place to help prevent wire and check fraud. Here are a few tips

· Title Agents will not change their wiring instructions in the middle of your transaction

· Wiring instructions will not be sent to you by your Realtor

· You should always make a call to your Title Company representative, prior to sending a wire to confirm the ABA and Account number

Taking just 5 minutes to verify information can make the difference

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