Question: With all of the growing concern about wire fraud, how does Fortune Title protect its clients from becoming a victim?
Nick’s Answer: Wire fraud has become more prevalent than ever. The best way to protect all parties involved in a transaction is open communication from the beginning of the closing process regarding the possibility of wire fraud.
Fortune Title informs our purchasers and their representatives at the beginning that our wiring instructions will never change. We send our wiring instructions out in a secure (encrypted) email so that they cannot be intercepted. In addition, we advise our clients to call our office to confirm our wiring instructions before sending any money. We also advise that if anyone emails a supposed wire change to them, they should immediately contact us directly.
Any change to wiring instructions supposedly from us or anyone else just prior to closing should be considered a suspicious act that throws up a red flag.
In fact, we recently had a fraud situation that was averted due to the diligence of the buyer, who received an email appearing to be sent from our office on a Friday for a Monday closing. The scam message requested that the funds be wired to the new account information attached to the email. Luckily, no money was lost because the buyer was aware of the likelihood that this was a wire fraud scam and contacted our office immediately, thereby avoiding becoming yet another victim of this nationwide problem.
We hope this Ask Nick is helpful to your work. If you have a question you’d like to Ask Nick, please email Nick.Timpanaro@fortunetitle.com.
Ask Nick is for informational purposes only. Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice in this newsletter. Always contact your attorney for any legal advice.