By TeJay Rasband | Escrow Officer | American Fork Office
WIRE FRAUD—Fraudsters have learned to take advantage of the fact that most communication involving a real estate transaction is done via email. They use software that searches through email servers for any mention of real estate transactions, then sit back and monitor until just before title is ready to wire. They then send an email or make a call requesting last-minute changes to wire instructions and/or seller’s proceeds. You may be thinking that it couldn’t happen to you, but it is very real, and millions of dollars have been lost because of this scheme.
The protection of you and your clients is one of Vanguard’s highest priorities. Here are some of the safeguards we have in place to ensure your transaction ends the way it’s supposed to:
- Obtain all parties’ phone numbers up front.
- Verify all emailed wire instructions by phone.
- Double-check all emails that come from an unknown source.
- Obtain and verify all instructions at the closing table.
We thank you for your confidence and the business you entrust with us. If you have any questions, please reach out to your favorite Vanguardian.