Wire fraud typically involves a 3rd party fraudster "spoofing" an email contact from the escrow company handling a purchase or refinance transaction, and tricking the client into wiring funds needed to close to the fraudster. Usually, the down payment on a home purchase is the target because certain details of the transaction are public, (like the fact that the property has been taken off the market), but anytime there is an open escrow this can happen.
Luckily, the scam is pretty easy to catch as it relies on just a little bit too much complacency on the part of the client.
Therefore, the most important way to ensure that you don't fall victim to this sort of scam is to be sure that you're dealing with your ACTUAL escrow officer before wiring any funds. Here are some tips:
- Call the escrow company directly to verify the details of the wire.
- Verify the number (Google search) and email address match with what you find on their website.
- Call us at BirdRock Funding 619-927-ROCK to help you verify that the escrow contact is correct.
Also, remember that until we have your final loan documents from the lender, and are Cleared to Close, there is NO REASON that an escrow officer will contact you and demand funds. Escrow works for you, so if somebody is pushy, or seems fishy, or even if you just want to be 100% sure, take the extra time to get it right.
While we take every precaution to safeguard and monitor your financial data (from our encrypted servers, to encrypted data transfer) the most important piece to ensuring your safety is you!
As always, please let us know if you have any further questions!