Preventing Yourself From Real Estate Fraud When Conveying
Fraud is becoming more rampant. Especially in today’s world of hacking and spam emails. During Conveyance, you are at high risk of fraud. His solicitor’e emails can be hacked, and a hacker can send wiring instructions for the conveyance that include their own BACS instructions, allowing them to steal the proceeds from the purchase.
Our solicitor is as paranoid as us. On every conveyance we VERBALLY reconfirm her BACS details ( yes ad nausea). We virtually know her BACS details by heart but we make a 2 minute call to her plus our bank and VERBALLY reconfirm the BACS details. ( they must hate us) However we would hate more losing 100,000 to Real Estate fraud.
Hacking emails and changing sort codes etc are the new potential normal. Unfortunately, this is an up-and-coming scam that is sure to snag more victims. A few years ago ( at least in the US), cashier’s checks were being forged, resulting in title companies not accepting them over a certain dollar amount — some as low as $1,000.
Another suggestion is to utilize a secure password manager service like LastPass. LastPass is free and stores all the passwords for all your accounts in one place. Now, you just have one master password to remember. And LastPass securely encrypts your data so only YOU can access it.
Hope this helps…Any questions please send them over…
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