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Monies that are wired into escrows remains their responsibility and concern
Richie Alan Naggar
Lisa Von Domek
La Pointe, WI
In my area, the closing attorneys are sending wire instructions via secure email and agents are told not to email wiere instructions over unsecure email accounts.
Lisa Von Domek
La Pointe, WI
Anthony Acosta - ALLAT...
No, not as of yet.
When wiring, I advise the client to call escrow and verify the wire information they've received is accurate.
We've been told there have been cases where hackers create an authentic looking email they send to the client. The email has wire instructions that direct the funds to the hacker's account.
My understanding is that the emails are much more believable than the ones claiming to be from Nigerian royalty, government officials and the like.
The last time we used a wire transfer was while buying from Ocwen, using their Indian closing company.
We closed at my bank and they were very nervous for days surrounding this transaction.
But in the end all worked out well.
I have not experienced problems with wires, but I leave it up to the client.
It is still a matter of convenience. It is the banks job to verify transfers. I recently had several commissions wired into my bank ... who took great measures to verify the validity of the wire. They asked a ton of question that only I would know. It was frustrating for me yet I understand the necessity. to do so.
I think the key is not click on any link but initate the tramsfer at their bank themselves
That's up to the lender, the title company, and the Buyer!
We have not been affected by it.
Not yet. We do have an advisory for all parties in the transaction to acknowledge about wire fraud.
Wire transfer is the only way acceptable here!
Our title companies do not accept "certified" funds anymore because there have been counterfeits there as well.
Here the title company "controls" that method and there has not been a change yet...though we agree...old school is a better safer school.
Eric, certified checks are looking pretty good right about now.
I'm not seeing any additional precautions taking place. Wires are still happening and are the easiest for the clients.
rarely do we have a wire transfer of funds....the buyers bring a bank check...
It has not been an issue here, secure email seems to be keeping the scammers at bay.
The communication. My escrow girls are very good in it. If someone else would reach my client, I have only one answer: do not do anything without our confirmation, pick up the phone and call the escrow.
The lawyers handle closings in my area.
I typically see certified checks at closing & rarely a wire.
I have not heard of it.
I haven't had any issues with this but will keep my eyes opened regarding it. I just let people do what works best for them.
We are not going to, they've already changed the system over & that's that.
I was not aware of this problem, thanks for sharing.
Not sure if I have heard about this. My title company sooner have a wire
I always let my current clients know there could be scams, and to be on alert!
I was just talking about this with out closer and the company is keeping a close watch on this