Page 24 - Homeowners Manual - Arizona
P. 24

BEWARE OF WIRE FRAUD


        According to the Federal Bureau of Investigation (FBI), in 2023 victims of business email compromise
        reported losses over $2�9 Billion�


        The FBI’s Internet Crime Complaint Center (IC3) receives, on average, more than 2,412 complaints per day
        (FBI, 2023)�


        Cybercriminals are sending fraudulent wiring instructions to real estate agents, title companies and clients,
        so it’s important to remain vigilant�

        How to Protect Yourself


               ·  Be wary of free, web-based email accounts; they are easily hacked�
               ·  Always verify changes in payment instructions and confirm requests for transfer of funds�
               ·  Carefully evaluate any requests for secrecy or pressure to take action quickly�
               ·  Call, don’t email� Confirm all wiring instructions by phone before transferring funds� Use a trusted
                   phone number provided by your title company or closing agent�
               ·  Be suspicious� It’s not common for title companies to change wiring instructions and payment info�
               ·  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 sent 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 forward instead of reply and then start typing
                   in the person’s email address� Criminals use email addresses that are very similar to business email
                   addresses used by legitimate companies� By typing out an email address, you make it easier to
                   discover whether a fraudster is after you�

        If you think you might be a victim:


             1�  Using a previously known phone number, call the supposed sender of the email to authenticate the
                change request – don’t call the number on the email�
             2�  If you suspect fraud, immediately notify the financial institutions and escrow agent involved in the
                transaction�
             3�  Contact your local law enforcement authorities, and file a complaint with the FBI’s Internet Crime
                Complaint Center�


                                                                                        03/2024 | Sources: ALTA, FBI

























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