Fraud is exploding in the mortgage, real estate and title industries. There have been over $90 Billion in reported attempts from June 2016 thru December 2018. Title agents and closing agents might man the front lines, but lenders, brokers, real estate professionals and anyone involved in housing and mortgage transactions need to be on alert. Wire transfers in real estate transactions have become a target for three reasons:
- They are incredibly lucrative – most wire transfers exceed $200,0000;
- They involve multiple parties – all communicating electronically;
- All the information needed to start a fraud is easily found online.