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EP 36: How to Avoid Wire Fraud
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Wire fraud is one of the biggest threats facing real estate investors today. In this episode, Brad Hovis shares real stories of wire fraud attempts, including the time $180,000 almost disappeared. You’ll learn the simple but critical steps you must take to protect your money when sending and receiving wires. If you are investing in real estate, this episode could save you from a major financial disaster.
Key Takeaways- Always verify wiring instructions by phone with a trusted contact.
- Never rely on email alone; emails can be hacked or spoofed.
- Confirm details only through phone numbers you independently look up, not those listed on wiring instructions.
- Once verified, never accept last-minute changes to wiring instructions.
- Add an extra layer of security by asking questions only the real person would know.
- Wire fraud happens fast; catching it quickly is the only way to stop the loss.
- Title companies now often leave out part of the account number to force a verification call.
- Scammers use advanced tactics including spoofed voices, emails, and fake numbers. Stay alert.
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