Legal Corner: Wire Fraud

Not only is Wire Fraud here to stay, it is becoming increasingly worse. Century 21 Select, Coldwell Banker Select, Stanford Mortgage, and Intercounty Title have all seen direct attempts at wire fraud attacks. So far, we have been able to stop these nefarious efforts, with, unfortunately, the exception of one, but even one theft is one too many.

This is why it is critical that we use our Select Group “Wire Fraud Advisory” on every transaction for both Buyers and Sellers.

For every client we have the privilege of representing, in addition to the written form we need to provide strong verbal guidance on how to be careful and how to follow the Wire Fraud Advisory’s written instructions.

Even having one client lose an entire down-payment or a seller lose their complete sales proceeds is one too many. Once a fraudulent wire has gone out, it is nearly impossible to recover the stolen funds and the loss will rarely be covered by any form of insurance. Remember, the cure resides in the prevention!

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