Wire Fraud

Mortgage wire fraud is a scam in which a scammer poses as someone in your closing transaction typically, your real estate agent, lender, or your escrow officer. They typically gain information on the transaction by hacking into one or more parties’ email accounts. When the transaction is near closing the scammer sends false wire instructions that divert deposits, closing costs and even mortgage payoff funds from their intended recipient. Once the funds are wired to the scammers account it’s very difficult if not impossible to get the money back.

Listen in as Republic Title’s Sheri Groom and Sarah Mann discuss:

– How often wire fraud occurs

– Ways in which wire fraud can occur

– What are things parties should look out for regarding wire fraud?

For more informative videos from the Republic Title Legal Team, check out our YouTube channel: https://youtu.be/OHUe02-4c4c

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