Tips to Avoid Email Fraud
/How many times have you been told during a real estate transaction to double and triple-check the email before clicking on a link or replying with sensitive information?
Let’s repeat it again, just in case. That’s because the latest fraud figures are staggering.
A recent report released by CertifID identified $1.4 billion in suspected wire fraud attempts in 2022 alone!
“Additionally, the report showed that CertifID’s recovery cases average $165,000 per instance of reported wire fraud in 2022
Given their instantaneous speed, high dollar value and recovery challenges, wire transactions are extremely attractive targets for fraud operators. In our experience with the real estate industry, protections against wire fraud have had to evolve,” said Tyler Adams, co-founder and CEO of CertifID. “To combat wire fraud, businesses and consumers that rely on wire for sending and receiving payments need to employ a multi-layered protection and response plan to minimize their risk.”
There are many suggestions and tips to follow to avoid being scammed. Some of the easiest are simply reviewing the sender’s email and domain to make sure it matches the contact information for those you are dealing with in a transaction. Another tip: simply pick up the phone and call a known number to verify whether a suspicious email is actually legitimate. Some real estate software programs send automatic emails that appear generic but, in reality, did originate from the title agency or a Realtor.
Our email fraud information sheet below (click to open as a PDF) provides a number of tips to review suspicious emails which can mitigate the risk of being scammed.
Call Midwest Ohio Title Agency at 937-552-7050 or email us at orders@midwestohiotitle.com for more information.
