Join us this Sunday, July 16th as Mark Bisordi, General Manager for North Coast Title Company, talks to us about the scammers out there who intercept or have you falsely wire your down payment NOT to the title company and your escrow account but to a crooks account. One couple in Tahoe recently sent $1.5 million to a scammer and lost the entire amount! NO INSURANCE for this folks! What are the steps to protect yourself? Here are some quick tips!
- Call, don’t email! Confirm all wiring instructions by phone before transferring funds. Us the phone number from the title company’s website or a business card. You also have an “opening order” statement. This tell you your escrow number, escrow officer and her/his number
- Be Suspicious! It’s NOT common for title companies to change wiring instructions and payment info–be aware and confirm!
- Confirm it all: Ask your bank to confirm not just the account number but also the name on the account before sending a wire.
- Verify immediately- You should call the title company or real estate agent to validate that the funds were received. Detecting that you send the money to the wrong account within 24 hours gives you the best chance of recovering your money.
- Forward, don’t reply–When responding to an email, hit the forward instead of reply and then starting typing in the person’s email address. Criminals use email address that are VERY similar to the real one fora company. By typing in email addresses you will make it easier to discover if a fraudster is after you!