Page 26 - Homeowners Manual - San Mateo County

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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