Whether you’re a real estate agent, buyer, or seller, being vigilant about potential fraud indicators is crucial. And with Real Estate fraud on the rise it’s important you stay vigilant throughout your transaction.
Suspicious Email Addresses: Fraudsters often create email addresses that closely mimic legitimate ones, differing by just a letter or two. This subtle difference can be hard to notice, so it’s essential to double-check the sender’s email address in every correspondence. If something seems off, reach out directly to the other party to verify the email’s authenticity.
Frequent Typos: Emails from scammers often contain multiple typos, such as incorrect punctuation, missing spaces, odd capitalization, or misspellings. While occasional mistakes happen, a pattern of errors across several emails should raise suspicion. Keep an eye out for unusual grammar or syntax, which can also indicate a potential scam.
Pressure to Act Quickly: Scammers often create a sense of urgency around wire transfers. In legitimate transactions, there is no rush to complete a wire transfer immediately. If you feel pressured to send money quickly, this is a red flag that something may be amiss.
Limited to Email Communication: Fraudsters usually insist on communicating only via email, as it’s easier for them to impersonate someone this way. Real estate professionals should remind clients that they are always available for phone calls. Buyers and sellers should feel comfortable reaching out through multiple channels to verify information. In one case, the scammer refused to communicate by phone, insisting on email only.
Sudden Changes to Wiring Instructions: Scammers often introduce new wiring instructions at the last minute. In legitimate transactions, wiring details rarely change unexpectedly. From the outset, all parties should clearly understand the wiring process and timeline. To protect clients, real estate professionals might consider using email signature templates that emphasize safety measures. In a recent case, a scammer notified the victim of new wiring instructions, advising them to disregard previous information.
Always Verify: It’s better to take extra time confirming details than to risk falling victim to fraud. Recognizing warning signs and exercising caution can prevent significant losses and distress.
Act Fast if You Suspect Fraud: If you believe you’ve been targeted by fraud, time is critical. Immediately contact your representative at Eagle Title so they can swiftly mobilize their fraud response team. Quick action can be key to mitigating the impact and recovering any potential losses.