Key Takeaways
- Wire fraud targeting real estate transactions results in hundreds of millions in losses annually.
- Never rely on wire instructions received by email; always verify by phone at an independently confirmed number.
- Seller impersonation schemes target vacant properties and absent owners; rigorous identity verification is essential.
- Electronic signature platforms with audit trails help prevent and detect unauthorized contract alterations.
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Test Your Knowledge
1.What is the most prevalent form of fraud in real estate transactions currently?
2.What is the best practice for verifying wire transfer instructions?
3.What is seller impersonation fraud?