An elderly couple was ready to begin their life of retirement, they bought a new home but within a matter of days they were homeless and on the streets. The wife was instructed to wire almost $80,000 to the title company in order to complete the transaction. The realtor working with the couple was copied on the email containing the wire instructions, which gave the buyers comfort that the message was legitimate. 

The buyers signed all of the closing documents and received the keys to their new home. A few days after the closing, the sellers had still not received their proceeds from the sale of the home and forced the buyers to move out.

It turns out the buyers were a victim of wire fraud and their funds never made it to the title company. One of the largest issues with wire fraud is the inability for consumers to catch red flags. As a consumer, it is unlikely that they would have the proper knowledge on what to look for in order to confirm wire instructions are legitimate. Chris and Nicole discuss the responsibility of industry professionals to educate their clients on the problem, which red flags to look out for and why the verification process must be strictly followed.

Fraudsters typically infiltrate the professionals’ email accounts, and once in their email, they are able to target the client with altered wiring instructions. The professionals, such as title companies, real estate agents, lenders, and attorneys must start taking wire fraud seriously and stop blaming other parties for infiltrated information. Chris and Nicole explain why this needs to change and how to take the first steps in doing so. At the end of the day, taking preventative measures before fraudsters attempt to strike can help keep families in their homes. 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself. 

View the news article referenced in the podcast: Wire Fraud leaves elderly couple homeless, organized by Nikki Carter