Be aware! Online banking fraud is on the rise.
If you receive an email containing WIRE TRANSFER INSTRUCTIONS, call the title company directly to verify the information prior to sending funds.
Scam artists in the United States and around the world defraud millions of people each year by using internet scams to deceive people into giving them personal information or sending money through wire transfers.
Just recently, a Washington D.C. couple was defrauded $1.5 million dollars in an online wire transfer title company scam.
They were waiting to go to closing on their new “dream home” when they got an email that they thought was from their title company.
When they replied to the email to double check and received a reply, they assumed it was legitimate and so they wired the remaining $1.5 million to the bank.
Only later when they went to sign the settlement papers on the house, they learned they had been victims of a scam.
Tips to Avoid Internet Fraud
According to USA.gov, you should take these measures before entering into transactions over the internet:
- Know your seller – If you don’t know who you’re buying from online, do some research.
- Protect your personal information – Don’t provide it in response to an email, a pop-up, or a website you’ve linked to from an email or web page.
Report Internet Fraud
If you believe you’ve been a victim of internet fraud or cyber crime, report it:
- File a complaint with the Internet Crime Complaint Center.
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The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.