Bill Svoboda, co-founder, takes a deep dive into wire fraud, how the pandemic is giving scammers more opportunities and the fight the title industry is waging against it in his article for PropertyShark.
Here is a sneak peak at his article:
Ted had moved to Florida to take care of his ailing mother.
Unfortunately, she passed away in the early days of COVID-19. As a result, Ted reconsidered his living situation and decided to move back to the Midwest, where he had grown up. After selling his home in a southern state, he had received all of the money from the transaction and was working with a title company based in the Midwest to purchase his new home.
On the morning of his closing, Ted’s bags were all packed, and he was excited for this new chapter of his life to begin. Then, he received an email appearing to come from his title company requesting that he wire $360,000 to an account for closing. The email said to follow the instructions to avoid losing out on the closing or facing some sort of delay. So, Ted wired the money.
Scammers Exploiting New Consumer Mindset
A couple of hours later....
Read the full article at PropertyShark >
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