Three tips to prevent wire fraud when you close on your new home

According to the United States Federal Trade Commission (FTC), consumers reported losing nearly $8.8 billion due to fraudulent activity in 2022, a more than 30 percent increase from the previous year. It should come as no surprise that plenty of individuals would love to get their hands on your down payment when you close on a new home or investment property. But cybercriminals are no match for savvy consumers, and our team at First National Title (FNT) is here to help you close with confidence.

We operate 25 convenient locations throughout The Natural State to serve you and you’ll always get to work with a local agent in or near your community. You also have our pledge to make every effort to provide you with excellent customer service that begins with your first phone call. Here are a few easy steps to stay ahead of any would-be cyber criminals:

Always confirm identities-Most cybercriminals aren’t criminal masterminds with sophisticated equipment but cunning social engineers who sound trustworthy on the phone. It’s always a good idea to set up a “code word” with the service personnel and professionals involved in your closing in case they need to contact you for additional information.

Pay your down payment with a cashier’s check-Many online lenders offer great terms, unfortunately, it’s difficult to hold them accountable if they don’t send the wire transfer on time. Your trusted and verified lender or real estate closing agent will provide you with information that tells you the exact amount you’ll need to pay at closing, and a cashier’s check drawn from a local bank is an excellent way to avoid unexpected delays.

Beware of last-minute changes-Financial institutions won’t typically contact you by email or telephone and ask you for your login information; you can easily identify phishing emails by hovering over any hyperlinks and reviewing the link preview tooltip in your browser. If you receive any last-minute emails with new wire transfer instructions, contact a trusted agent and confirm his or her identity with your designated code word before proceeding.

If you have any questions about title insurance, Contact us online or at any of our 25 convenient Arkansas locations listed below!