Protect Yourself from Wire Fraud in Texas Real Estate Transactions

Protect Yourself from Wire Fraud in Texas Real Estate Transactions

As a homebuyer in Texas, it is important for you to be aware of the risks associated with wire fraud. All too often, buyers are unaware of the potential for fraud until after they have been scammed. For this reason, it’s important to learn about wire fraud and how to protect yourself from it.

What Is Wire Fraud?

Wire fraud is when someone attempts to steal money or personal information from you through electronic communication or by wiring money. This type of criminal activity occurs in many different industries, including real estate transactions. In a real estate transaction, the scammer may attempt to gain access to all of your private information and/or funds by pretending to be someone involved in the transaction such as a lawyer, title company representative, or lender.

How Can You Prevent Wire Fraud?

The best way to protect yourself against wire fraud is to be vigilant and aware at all times during your real estate transaction. Here are some tips that can help keep you safe:

•    Be suspicious if you receive any unexpected emails with sudden changes in payment instructions or requests for         additional funds;
•    Verify that any email communication you receive is legitimate by contacting the sender directly via phone;
•    Do not click on links or open attachments from unsolicited emails;
•    Do not respond directly to emails without verifying their authenticity; and
•    Always verify wiring instructions before sending money.

Wire fraud is an increasingly common form of crime that can be devastating for homebuyers who are unaware of its potential dangers. By being proactive and taking precautionary measures such as those outlined above, you can greatly reduce your chances of becoming a victim of wire fraud in a real estate transaction. If you have questions about how best to protect yourself from wire fraud, speak with a knowledgeable real estate agent who can provide further guidance on this topic.