The American Land Title Association (“ALTA“) has created a video with four helpful tips on how you can protect your hard-earned money when sending wire transfers when purchasing a home. The video also provides guidance on what to do if you have been targeted by a wire fraud attempt.
Below are some helpful tips from Lakewood Ranch real estate closing law firm Battaglia Law, PLLC on avoiding wire fraud. And while some may be redundant to what you saw in the video, I’m sure that we can all agree that redundancy is better than lost money.
- Never wire funds to Battaglia Law, PLLC for your real estate closing unless you have verbally confirmed the wire instructions with the firm by phone.
- Once you have received and confirmed the wire instructions, keep a hard copy of them in safe place.
- The firm’s wire instructions will not change so any communication advising you they have should be met with incredible suspicion.
Although the wire instruction confirmation process can be arduous, it is one of the most crucial points of a real estate transaction. So please remember that the additional formality and effort are necessary and are in place for your protection. Do not hesitate to contact the firm with any questions.