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Borrowers AND Sellers: Watch out for Closing Fund Theft!

Our friends at Lakeside Title Company shared an interesting article this morning. While the majority of advertisers are well intentioned, we all know that there are criminals out there doing their best to take was isn’t theirs. As your closing date approaches, you should take care to notice suspicious emails, messages, or letters.

Here is How Closing Fund Thieves Steal:

The individual or group of individuals discover the closing date or other information regarding the closing. Then, they send an email, message, or letter posing as a real estate professional or title agent claiming that there has been a change to the wiring instructions provided to you. This ‘New’ account information happens to be the criminals account. Before you realize it, all the money you worked hard to save up for closing is now gone.

But don’t worry! This is avoidable! Be aware and careful with the information you share over email or social media. You’ve most likely been working with your Agent and Lender for a few weeks or months, so if someone you don’t recognize asks you about Closing information it should raise some hairs.

If you receive any calls, emails, or messages from suspicious individuals regarding your mortgage, closing information, or otherwise be sure to call your Lender, Real Estate Agent, or Title Company to ensure you are not the victim of a crime.

  • Never email financial information. It’s not secure.
  • If you are providing financial information via the web, make sure the site is secure—the URL will begin with https—the ‘s’ standing for ‘secure’.
  • Hyperlinks in emails can lead you to cleverly disguised, fraudulent sites. Rather than follow links in emails, type the URL into the navigation bar yourself.
  • Be selective with what attachments you open in your email—regardless of who the sender appears to be.
  • Invest in antivirus software, and be sure to keep it up to date.
  • If wire instructions are changed and/or payment method is changed after the initial wiring instructions are released, ask pointed questions and call the payoff lender directly to verify their authenticity

In the end, the home buying experience should be exciting and enjoyable. Stay vigilant and aware of threats so these thieves can’t interfere with your Closing Date!