Page 26 - Homeowners Manual - San Mateo County
P. 26

BEWARE OF WIRE FRAUD


        According to the Federal Bureau of Investigation (FBI), in 2024 victims of business email compromise
        reported losses over $2�7 Billion�


        The Internet Crime Complaint Center (IC3) receives, on average, more than 2,000 complaints per day (FBI,
        2024)�


        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�


                                                                                                  Sources: ALTA, FBI

























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