Watching for Wire Fraud

Tuesday, Sep. 8th 2020

With the world at our fingertips, we leave ourselves and our personal information vulnerable to cybercriminals that survive off of taking advantage of your trust in technology. This can happen to anyone at any time, and the damage of these hackers can have devastating effects on you.

In the title industry, we unfortunately see wire fraud often as these nasty cybercriminals steal the money that you transfer for your closing. They’re clever about their hacking methods too, posing as title companies, real estate agents, and even hacking your email.

How to Watch for Cyber Fraud

This type of fraud typically goes undetected until your title company and/or closing agents explain to the buyer that they did not receive the closing transaction. A rule of thumb to avoid this type of fraud is to be suspicious.

If you’re receiving an email from a business claiming to be a title company, study their email addresses. Oftentimes, the email addresses will be eerily similar to those that you are used to corresponding with, but they will be off by one character. Also, watch out for anyone that asks for money from you urgently. They will use the fear of losing out on your new home to their advantage to get you to wire money to a third-party.

Cyber fraud is a serious and scary crime that is quickly becoming the largest form of crime in our world. That’s why we’re here to protect you. At Continental Title Company, we are using CertifID to protect you from wire fraud. With CertifID’s technology solutions, you can safely and securely transfer your transactions without worrying about a cybercriminal stealing a dime. If you do experience this, however, CertifID will guarantee your transaction to up to $1,000,000.

At Continental Title, you can have faith that your transactions are safe with us.

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