Wire fraud is an increasing risk in the real estate industry. According to the American Land Title Association, a third of all real estate and mortgage transactions in 2020 included targeted wire fraud scams.
Being vigilant when interacting with clients is key to ensuring the proper instructions are followed, and money goes to the right place.
However, what can be done to recover funds if wire fraud occurs? Let’s walk through how Stewart and CertifID stepped in to protect a client out of Georgia.
Back in April, one of our independent title agency partners had a client who wired money for their closing to a fraudulent account. After hearing about this incident, a member in our Stewart Agency Support team connected the agent to CertifID to see what could be done. Within two business days, CertifID helped freeze the fraudulent wire and the funds were returned to the buyer’s account. Watch the full retelling of this story below.
This was a great case of how being prompt and having the right resources at your disposal protects your clients should wire fraud occur.
Interested in learning more about CertifID’s wire fraud protection services? By partnering with us, you get discounted access while having Stewart by your side to support you should cases like this occur. See what we have to offer you here.