What you need to know about Wire Transfers

By Jim R. Vanderpool , November 28, 2018

What’s the Problem?
  • Wire fraud is reaching epidemic proportions
  • The FBI reported in 2017 that nearly $1 billion was diverted or attempted to be diverted from real estate purchase transactions.
  • One-way wire fraud happens is when hackers takes on the identity of the title agent with a very similar email address and the same logos and signatures that clients have seen in other correspondence. They then send the buyer instructions to wire the funds to a fraudulent account.
  • Another form of wire fraud happens when hackers take on the identity of a seller by hacking their email account in order to divert the Seller’s proceeds to the hacker’s account.
What’s the Solution?
  • Prior to the start of a real estate transaction change all your email passwords. Doing so may block a hacker who has been monitoring your email account.
  • When you receive wiring instructions, take a few moments to consider the wiring instructions. Are you being asked to send the money to a bank located in the same city or state as the title company? Does the name of the account match the name of the attorney / title company? If something seems odd it’s worth your time to find out why.
  • Verify the authenticity of each wire transfer request.
  • Call the person or company, using a number you have previously called or verified on Google — not one from the current wire transfer request.
  • Be very wary of any changes to wire instruction, email addresses or phone numbers, and urgent emails putting pressure on you to act immediately.
Author: Jim R. Vanderpool

Jim is the author of Bullet Point Blog, a speaker, and real estate attorney who has been serving Nashville, Brentwood, Franklin and other Middle Tennessee cities for nearly 20 years. Jim’s law practice is focused practice in the areas of contracts, real property and real property transactions with a Vanderpool Law in Middle Tennessee. He has almost 2 decades of experience as a real estate attorney and is president of Vanderpool Law.  It is this experience that allows him to handle all real estate related matters professionally and with confidence.

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