Fraud Alert: Inquire before you Wire.

Did you know that you can help STOP FRAUD? We have witnessed an alarming increase in wire fraud in commercial transactions as well as numerous diverted mortgage payoffs costing our agents millions of dollars. No transaction is safe, and no one is shielded from becoming a victim. Our advice to our agents?Assume it is fraudulent until you prove otherwise. Read below for some quick steps you can take to ensure that you and your company are prepared. 

WHAT MONEY IS AT RISK

• Sending or Transferring commercial closing funds
• Sending or Transferring residential closing funds
• Sending or Transferring mortgage payoff funding
• Sending or Transferring earnest money deposits
• Sending or Transferring real estate commissions

HOW YOU AND YOUR COMPANY CAN BE PREPARED:

• Encrypt email accounts
• Secure databases & internet access
• Vetted vendor, platform and applications
• Written and tested rapid response action plan
• Documented process for reviewing and sending outgoing payments

HOW YOU AND YOUR COMPANY CAN BE PREPARED:

• Use the phone and trusted phone numbers from a different source to verify payoffs and wire transfer instructions
• Have a second person review and require a secondary signor on outgoing wires that reviews the information before releasing the wire
• Contact the bank and all parties immediately at the hint of any type or possible cyber security fraud or attempted wire diversion
• Follow up with recipients on receipt of closing funds and payoffs

For more information, please contact your CTICGA Account Representative. For immediate online materials, resources, video and tools, click here for our Cyber Security/Wire Fraud dedicated page.

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