Wire Fraud is on the Rise

Scammers will do whatever it takes to get their hands on your hard earned money. For a scammer to trick individuals, they must first gain trust. However, why make you believe what they are selling when they can act like someone you know? Recently they have been doing just that, using emails disguised as coming from someone you are doing business with, and then following up with a text message from the same area code or close to yours, claiming to be the same individual. These numbers close to yours might make you want to answer the call or text, but you should always be confident of their identity before giving away any valuable information or making important decisions.

These scammers will keep a close eye on what you are doing and how close you are to closing on your new home. Then once they see their opportunity, they'll reach you from an email that looks very similar to your agent's. If they don't hear back from you, they'll text you and make themselves seem even more legitimate. If this does happen, contact your agent and inform them about what's going on.

Something so horrible as wire fraud can be quite scary to think about or go through. Losing your money because of fraud could be devastating. SETCO guarantees you'll be safe with our services. Our staff is properly trained to educate our clients in the closing process. We take special care through the entire process to guarantee that everything goes precisely as planned, and just in case you do fall victim to a sinister cyber-criminal, we carry Cyber-Liability Insurance to protect your closing funds against nefarious deeds.

However, SETCO also recommends you practice due diligence in maintaining adequate security measures. Keep your email accounts safe, using strong passwords that include 12 characters or more. Utilize all of the following when creating a password: Uppercase & lowercase letters, numbers, and special characters (!@#$, etc..). Do NOT use your email on public devices. Refrain from telling the world about your closing, until after you've sent your funds. Announcing your closing process will attract scammers to target you. Last, but not least, when you meet with your closing agent keep the phone number you receive directly from them handy, and use it to verify any closing instructions or bank account numbers you're sent over email or text.

Are you ready to get started with SETCO? Click below to contact your local SETCO Closing Specialist.

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