Case Study: How Title & Abstract Agency of America Stopped a Fraudulent Land Sale Before It Closed
Providing peace of mind and proactively protecting our clients is at the core of everything. Recently, our fraud prevention process stopped a bad actor from selling a property they didn’t own.
The Highlights
We received a sales contract for a piece of vacant land in Florida with a purchase price of $12,000 cash. When we reached out to verify the seller’s identity, he provided an expired UK driver’s license. After requesting an additional valid form of ID, he submitted a passport. This additional ID was suspicious as it appeared pixelated and contained the exact same photo as the driver’s license.
Following protocol, our team ran the seller through our Certified ID Verification Program, a multi-step process designed to confirm identity through knowledge-based authentication. The seller failed the verification.
Further investigation revealed that this individual had contacted a local real estate agent and signed a legitimate listing agreement for $70,000, just one day before submitting the fraudulent $12,000 contract to us.
Because of our diligence and layered verification process, the transaction was stopped before any damage occurred.
We take seller fraud seriously. Every transaction undergoes rigorous identity verification and cross-checking procedures — ensuring that our clients, partners, and their investments are always protected.
Experience matters when it comes to safeguarding real estate transactions. See how TAA keeps clients protected, every step of the way.
The Highlights
We received a sales contract for a piece of vacant land in Florida with a purchase price of $12,000 cash. When we reached out to verify the seller’s identity, he provided an expired UK driver’s license. After requesting an additional valid form of ID, he submitted a passport. This additional ID was suspicious as it appeared pixelated and contained the exact same photo as the driver’s license.
Following protocol, our team ran the seller through our Certified ID Verification Program, a multi-step process designed to confirm identity through knowledge-based authentication. The seller failed the verification.
Further investigation revealed that this individual had contacted a local real estate agent and signed a legitimate listing agreement for $70,000, just one day before submitting the fraudulent $12,000 contract to us.
Because of our diligence and layered verification process, the transaction was stopped before any damage occurred.
We take seller fraud seriously. Every transaction undergoes rigorous identity verification and cross-checking procedures — ensuring that our clients, partners, and their investments are always protected.
Experience matters when it comes to safeguarding real estate transactions. See how TAA keeps clients protected, every step of the way.
How to Protect Your Money from Wire Fraud Schemes
Understanding Wire Fraud Schemes Wire fraud schemes, particularly in real estate transactions, are sophisticated operations that exploit technology and human trust. Fraudsters often use online real estate shopping tools to track transactions nearing their closing stages. They then hack into insecure email accounts belonging to individuals involved in these transactions.
These hackers are not just casual snoopers; they use the information they gather to craft convincing false narratives. They might, for instance, send wire transfer instructions to unsuspecting buyers, making it appear as if these instructions are coming from their real estate agent, attorney, or title company.
The key to their deception lies in the details. By using a similar email address or stealing a logo, they make their fraudulent emails look legitimate. They may also leverage the information they've stolen to answer security questions or provide 'proof' of their identity. This level of sophistication makes it even more critical for individuals to remain vigilant and take proactive steps to protect their money.
Be Vigilant The first step to protect yourself and your money from these schemes is vigilance. Always confirm your wiring instructions by phone using a known number before transferring funds. Be wary of phone numbers or links provided in an email - they could be traps set by hackers.
Be Suspicious It’s uncommon for title companies to change wiring instructions and payment information by email. If you receive such an email, it should immediately raise a red flag. Do not act on the information provided in the email without confirming its authenticity.
Protect Your Money Before sending a wire transfer, ask your bank to confirm the name on the account. This can prevent you from sending money to a fraudulent account.
Verify Immediately After you've sent your money, don't relax just yet. Within four to eight hours, call the title company or real estate agent to confirm they received your money. Prompt verification can help detect any discrepancies early and prevent loss.
If You've Been Targeted If you find out that you've been targeted by a wire fraud scheme, act immediately. Call your bank and ask them to issue a recall notice to your wire. Report the crime to www.ic3.gov. Detecting that you sent the money to the wrong account within 24 hours gives you the best chance of recovering your money.
In the fight against wire fraud schemes, knowledge is power. By understanding the tactics criminals use and following the steps outlined above, you can protect yourself and your money. For more information and resources on wire fraud, feel free to contact our team. Stay vigilant, stay safe.
These hackers are not just casual snoopers; they use the information they gather to craft convincing false narratives. They might, for instance, send wire transfer instructions to unsuspecting buyers, making it appear as if these instructions are coming from their real estate agent, attorney, or title company.
The key to their deception lies in the details. By using a similar email address or stealing a logo, they make their fraudulent emails look legitimate. They may also leverage the information they've stolen to answer security questions or provide 'proof' of their identity. This level of sophistication makes it even more critical for individuals to remain vigilant and take proactive steps to protect their money.
Be Vigilant The first step to protect yourself and your money from these schemes is vigilance. Always confirm your wiring instructions by phone using a known number before transferring funds. Be wary of phone numbers or links provided in an email - they could be traps set by hackers.
Be Suspicious It’s uncommon for title companies to change wiring instructions and payment information by email. If you receive such an email, it should immediately raise a red flag. Do not act on the information provided in the email without confirming its authenticity.
Protect Your Money Before sending a wire transfer, ask your bank to confirm the name on the account. This can prevent you from sending money to a fraudulent account.
Verify Immediately After you've sent your money, don't relax just yet. Within four to eight hours, call the title company or real estate agent to confirm they received your money. Prompt verification can help detect any discrepancies early and prevent loss.
If You've Been Targeted If you find out that you've been targeted by a wire fraud scheme, act immediately. Call your bank and ask them to issue a recall notice to your wire. Report the crime to www.ic3.gov. Detecting that you sent the money to the wrong account within 24 hours gives you the best chance of recovering your money.
In the fight against wire fraud schemes, knowledge is power. By understanding the tactics criminals use and following the steps outlined above, you can protect yourself and your money. For more information and resources on wire fraud, feel free to contact our team. Stay vigilant, stay safe.
