Wire fraud is a VERY real issue in real estate … Deerwood Realty and Friends…Ep. 31

Intro

A. Wet signature…do you know what that is? The title company usually wants wet signatures
B. The title company prefers to see you in person for a closing, and they ask for your ID when you arrive. Do you know why that is?

Thoughts

1. The article says that this type of fraud cost 1.8 trillion dollars in losses and only between 12 and 15% of the cases are reported.
2. It’s not just Covid.
3. A survey says a third of all real estate transactions in 2020 included some sort of wire fraud attempt.

Tips

1. Pay via cashiers check
2. Voice verify wire instructions
3. Attend the closing in person.

Podcast call in number = 314-274-3964
media@deerwoodrealtystl.com

Source: https://money.com/real-estate-wire-fraud-scam-covid-tips/

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