How To Protect Yourself From Loan Fraud

Six ways you can help protect yourself against wire fraud and other threats.

As you near closing, you’ll probably get a lot of messages about sending money towards the transaction. If you’re not careful with these, you may end up a victim of fraud. How can you verify these emails and ensure you’re not sending your money away? Here are a few ways to protect yourself:

1. Speak with your agent and learn about the process. Ensure these emails are from the right person and coming at the right time. Don’t just wire money because they’re asking about your closing; that’s one of the biggest frauds we see today. 2. Confirm the numbers and call them. Don’t just communicate by text or email—pick up the phone and call. 3. Beware of any last-minute changes. These can happen, but make sure you call and confirm before you act on any change you hear about in an email.

“When thousands of dollars are on the line, you have to verify everything."

4. Check your wiring instructions. Your wiring instructions will come to you via email, but again, call and confirm that these are the correct instructions. 5. Never email your financial information. Even if the email seems legitimate, never share your financial information. You might have noticed a theme here, but I would advise you to call and give them the information over the phone. 6. Confirm callers’ identities. If someone calls you, ask some questions and confirm their identity. You might hate being too suspicious, but when you’re spending thousands of dollars, you have to verify everything and make sure your money is secure. If you have any questions or need help closing, call or email us. We’d love to hear from you.