The Expert Podcast

The American Land Title Association has come out with an article warning Realtors and mortgage companies and title companies how to avoid the most common type of cyber crime in their industry which is uh deed fraud which is a um wire transfer fraud where a scammer will get into an email conversation between buyers and sellers and lenders and Realtors and give fake wire transfer instructions to a buyer that's wiring funds.

They'll basically copy the email signature of a title company with their logos their phone numbers all the details and say when you're ready to send the money for your closing for your down payment or for your purchase here is our wire instructions and they give you a bank account and a routing number and you wire the money there and they come to find out it was a fake email uh and they're talking about all kinds of real estate training agent training verification software all these um tools used to reduce the risk well we've talked about this for over a year.

There's a very simple way to reduce the risk is the realtor what they would want to do simply tell your buyer to not send the full transfer you will be back in your video in just a few seconds in the meantime remember that actual human.com offers you live one-on-one private video consultation with an expert in this exact subject we want to listen to your story we want to hear your questions we want to give you expert advisement of your options and tell you what we know about your particular situation now back to your video without doing a test transfer.

What does that mean well if the buyer sends over $10 $100 to those wiring instructions as a test transfer then you go to the company in person or get the phone number from the internet not from an email and call them up and say hey did you get my transfer over $100 yes we did great now you know that that title or that wire transfer information is correct then you can go back to your bank and say send the funds using the exact same wiring instructions I Ed for that $100 because you know that's right and that would save you from a lot of headache from losing all your money on a house by sending it to the wrong place.
It's very simple to do just send a small test transfer verify it was received by the right people and then use that same information for the other one you don't need to use any kind of complicated um you know verification software training or anything else just make sure the real estate agent tells the buyer or the title company or the mortgage company do a test transfer first verify with us we got it and then you'll be in good shape for the rest of the money.

For more information on how that works you can click the link below verify escrow it'll give you a full description of how that and you can pass that along to colleagues in the real estate industry thank you for watching another episode of actual human advisory on describe TV remember we have live one-on-one consultation appointments available at actual human.com where you can book a one-on-one undivided attention live call with a licensed investigator a licensed insurance broker a licensed mortgage broker real estate broker uh I'm also a certified real estate title examiner a certified civil court mediator along with having developed and started over 15 businesses several of which were sold for millions of dollars so if you do have questions in any of those categories you can arrange a one-on-one live video consultation use the link below and we'll see you on the next video.