Wire Fraud Alert: Protect Yourself During Your Mortgage Transaction
At Liberty Star Mortgage, we take your safety seriously and we want to help you protect your hard-earned money during your homebuying journey, and we need to talk about something that could cost you big—wire fraud.
What is Wire Fraud?
Wire fraud occurs when a scammer tricks you into wiring your money to the wrong account by pretending to be someone you trust, like your lender or title company. These criminals often hack emails to make their messages look legitimate, making it even harder to spot the scam.
How Do They Trick You?
Scammers hack into email accounts and create fake emails using the names of people involved in your mortgage transaction, such as your mortgage officer, real estate agent, or title company. You think you’re communicating with the real deal when, in fact, you’re being deceived. Then, at the critical moment, they send you fraudulent wiring instructions. Once you wire the money, it’s gone—and it’s extremely difficult to recover.
How Can You Protect Yourself?
- Encrypted Emails Only: Always look for secure, encrypted emails when receiving wiring instructions. Unsecured emails are a major red flag.
- Verify Before You Wire: Call your lender directly—don’t just rely on email. At Liberty Star Mortgage, we encourage you to call us before making any wire transfers. You’ll recognize our voice, and we can confirm the wiring instructions with you, possibly even in person at your bank.
- Be Cautious With Email Communications: Scammers often pose as real players in the transaction. Always double-check email addresses and never rely solely on emails for wiring information.
One More Layer of Protection
During your transaction, we’ll be in regular contact. Before you wire any money, let’s have a quick conversation to confirm the instructions. Taking this extra step can save you from a costly mistake and keep your home purchase safe
Stay Safe During Your Mortgage Transaction! Wire fraud is a real threat, but with the right precautions, you can protect yourself. Got questions about how to stay protected? We’re here to help keep your transaction secure!
