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Protect Yourself from Real Estate Wire Fraud

Wire fraud in real estate involves cybercriminals intercepting funds during transactions by using deceptive practices.

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Protect Yourself from Real Estate Wire Fraud

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  1. Protect Yourself from Real Estate Wire Fraud Essential Tips

  2. What is Wire Fraud? • Wire fraud in real estate involves cybercriminals intercepting funds during transactions by using deceptive practices. • Common methods include phishing emails and fraudulent phone calls. • Criminals often impersonate trusted parties, such as real estate agents or attorneys, to trick buyers or sellers into sending money to fraudulent accounts. • This type of fraud can lead to significant financial losses and delays in the transaction process.

  3. Essential Tips to Protect Yourself from wire fraud • Only wire money to accounts you know and trust. Verify the identity of anyone who asks you to wire money by calling the person or company directly. Make sure that the instructions for wiring money are from the correct party and that the account number is right. • Be suspicious of any requests for wire transfers that seem urgent or out of the ordinary. Be doubly wary if the market or the property you’re bidding on is “hot,” because you may feel under pressure to act right away. If something doesn’t seem right, don’t wire the money. • Never initiate a real estate wire transfer using a web link provided in an email. If you must wire money, do so from your bank.

  4. Essential Tips to Protect Yourself from wire fraud • Beware of phishing scams. Phishing scams are emails that appear to be from a legitimate source, such as a real estate agent or lender. These emails may contain links or attachments that contain malware. Do not click on links or open attachments in emails from unknown senders. • Be aware of the latest wire scams targeting the real estate business. Cybercriminals constantly come up with new ways to steal money. Educate yourself about common wire-fraud techniques so you can recognize and avoid potential scams. If you suspect you've fallen victim to wire fraud, swift action is crucial. Contact your bank immediately to enhance your chances of recovering lost funds. For those looking to buy or sell property in Greenwich, CT, trust the expertise of our top real estate agents in Greenwich CT. Call us at 203-629-4519 or visit us at 164 Mason Street, Greenwich, CT, 06830 to consult with a dedicated real estate professional.

  5. . Thank You!

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