NuWay Title & Escrow takes great measures to protect your funds. With each transaction, we coach our clients on how to be careful with interaction regarding funds, wires, or account information. Our operating system’s ‘Connect’ program provides a safe, hacker-free portal for internal communication that remains private between us and the client. Regardless, additional measures should always be taken to prevent wire fraud.
What is it? Wire fraud has become prevalent in the last decade with new technology and sophisticated scammers. Typically, it will intercept email where wire information is sent back and forth but captured in between. Hackers will take the information, change numbers to their own accounts and send it on to the final recipient. This is why your title company will always ask you to call to verify wire instructions. Always follow the guidelines and your funds should be safe.
Wire Best Practices:
1. Acquire wire instructions from your title company via encrypted means such as secure email, internal portals or via verbal communication with your well-acquainted real estate closer.
2. Always call your title company to verify the instructions verbally.
3. Provide the property address and your name in the beneficiary information for proper posting by the title company upon receipt.
3. Ask your bank to verify receipt when the wire has been transmitted.
4. Verify receipt by your title company after the wire has been transmitted.