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Fidelity Land Title Agency

Cyber Crime And Your Real Estate Transaction

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So you’re getting ready to buy or sell a house? Did you know fraudsters from around the world are trying to hijack real estate transactions in our area and are attempting to steal your money?

Watch this video above and follow these 4 tips to help protect yourself against wire fraud.

How Your Money Gets Stolen

  1. Hacked email – Hackers get access to the email account of someone involved in the transaction – the buyer, seller, real estate agent, mortgage lender, title agent, or other.
  2. Email from hacker – The hacker then emails that person to change the wiring or payment instructions without knowledge from the other parties.
  3. Consumer pays wrong account – If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
  4. Closing day – By the time closing day arrives and the mistake is realized, often the funds are long gone.

How to Avoid Wire Fraud

  1. Tip #1: Call, don’t e-mail.
    Confirm all wire instructions by phone. Call Fidelity Land Title directly from the phone number listed on our website with your wire instructions in hand to confirm with a member of our staff before sending your wire. If you get an e-mail or call about our wire instructions changing this is fraud. Do not respond to the e-mail or call the number listed in this e-mail.
  2. Tip #2: Be suspicious.
    Always question and scrutinize emails that contain wiring instructions. The likelihood of our wire instructions changing are slim to none. If you get notified about a change this is major red flag. Our wire instructions will be delivered to you via a secure method that will require you to verify your identity prior you being able to access them. They will never come from your real estate agent or loan officer, bank or credit union.
  3. Tip #3: Confirm everything
    When you go to the bank with our wire instructions ask the banker to confirm our routing, account title, and account number before sending the wire.
  4. Tip #4: Verify
    After sending the wire call us to confirm receipt. Have your wire instructions available to confirm with our staff.

If for some reason you believe that you have been a victim of cyber crime, time is of the essence. Immediately do the following things:

      • Step #1: Immediately get in touch with your bank and ask them to recall the wire

 

      • Step #2: Report the crime to the Internet Crime Complain Center at ic3.gov.

 

      • Tip #3: Call your local FBI Field office. Cincinnati area 513-421-4310


Bottom line is this: Real Estate wire fraud is happening in our area. If you have any suspicion take the extra step and call us.