Though wire fraud is nothing new, these corrupt financial incidents have been occurring more frequently over the past few years. As the world continues to be a digitally dominated landscape, protecting yourself against real estate wire fraud is something that you’ll want to know — especially if you’re in the market for a home.
At Title Partners of South Florida, we’re invested in the wellbeing of homeowners, prospective homeowners, and real estate agents. We provide trusted title insurance services in Broward County, Miami-Dade County, and other areas in South Florida to make sure that your purchase is safe and sound. In today’s blog post, we’ll take a brief look at how to safeguard yourself from wire fraud.
Whether you’re thinking about buying or selling, continue reading below for valuable and relevant information.
Four Ways To Avoid Wire Fraud-Related Incidents
Be Familiar With The Different Types Of Wire Fraud
Unfortunately, fraudulent activity is rampant in our world, meaning that there are multiple types of fraud to avoid. This means that when it comes to wire fraud, there are actually multiple forms to know and look out for:
- Passive fraud: unknowingly participating in a wire fraud scheme, usually through a classic scammer tactic.
- Direct fraud: a remote hacker takes total control over your account through your personal information.
In any case, being extremely cautious about giving out your personal information is a smart way to prevent wire fraud from occurring. There are, however, other ways to be proactive when it comes to avoiding wire fraud.
Never Transfer Money Under Pressure
If a real estate company, private individual, or third-party company is pressuring you to send funds in any amount, this is typically a red flag. Under no circumstances should you transfer money to someone because they’re hassling you to do so. To avoid potentially finding yourself in a situation like this, make sure to do your research and work with a trusted and highly rated real estate and title insurance company in South Florida with a well-established history of executing fair, legitimate transactions.
Sign Up For Account Alerts From Your Banking Institution
With most people paying with their debit card, credit card, or smartphone app (linked to their bank account) these days, financial cybersecurity is more important than ever before. This is why most banking institutions offer free account alerts as a service, ensuring that you’ll be notified the moment your bank notices any fraudulent activity.
Naturally, this service applies to wire transfers as well.
Take Action The Moment You’re Alerted
Now, these alerts won’t do you any good if you don’t take action. Though some banks offer automatic account protection once fraudulent activity is detected, it’s in your best interest to be as reactive as possible.
South Florida Title Insurance With Your Best Interest In Mind
When you work with the professionals at Title Partners of South Florida, you can trust that we’ll provide you with a stress-free, worry-free closing experience. Finding the right property and buying or selling is enough work as it is — let our closing company help! Get started with your free, no-obligation quote today.