How To Avoid Wire Fraud

With technology playing a huge role in our lives, scams are becoming more common, especially online. One scam to be aware of is wire fraud. But what exactly is it? Let’s break it down in a simple way and talk about how you can protect yourself from becoming a victim.

What is Wire Fraud?

Wire fraud is a crime where someone tricks you into sending money or personal information using technology. This could be through emails, phone calls, text messages, or even social media. The scammer might pretend to be someone you trust, like a bank or a business, to convince you to send money or give out sensitive information.

Because wire fraud often happens over the internet or phone, it’s a crime that can cross state or even country lines, making it serious and often handled by federal authorities.

How to Protect Yourself from Wire Fraud

- Be Skeptical: Always double-check any unexpected emails, texts, or phone calls asking for money or personal information. If something feels off, trust your instincts.

- Don’t Rush: Scammers often try to pressure you into acting quickly. Take your time to verify the request. Call the company or person directly using a number you trust, not one provided in the suspicious message.

- Use Strong Security: Keep your accounts safe by using strong, unique passwords and enabling two-factor authentication (2FA) on your important accounts (like your email or bank accounts).

- Verify Before Sending: Before you send money or share personal information, verify that the request is legitimate. Contact the person or company directly using official contact details.

- Watch Out for Red Flags: Poor grammar in emails, unusual requests for money, or sudden changes in how a company asks for payment can all be warning signs of fraud.

What to Do If You’ve Been Scammed

If you think you’ve fallen for a wire fraud scam, act fast:

1. Contact your bank or credit card company to try to stop or reverse the transaction.

2. Report the fraud to the police and any relevant government agency, like the Federal Trade Commission (FTC) in the U.S.

3. Change your passwords for any accounts that may have been compromised.

The real estate industry sees millions of dollars fall victim to wire fraud every year. Before you choose a title company, make sure the company has protocols in place to protect your money.