As a real estate agent, it's your job to lead your client through the buying or selling process in an effective and safe manner. To do this, it's crucial to recognize and understand the possibility of escrow wire fraud. Unfortunately, this type of scam has become increasingly common; it involves sophisticated scammers posing as an escrow service and sending instructions to buyers to wire the escrow funds to them. Because buyers are expecting this type of communication and this expense, they may not think twice about acting. Luckily, there are helpful tips you can share with clients to keep them safe.

3 Ways Your Clients Can Identify & Prevent Escrow Wire Fraud

1. Evaluate Links & Emails

Scammers will develop websites that look exactly like those of authentic escrow businesses. However, a bogus site will most likely contain spelling errors, grammar issues, broken links, and conflicting content. For this reason, it's important to scrutinize details and be wary. Additionally, tell your client to keep an eye out for anything that seems different from past correspondences, such as the format, legal disclaimer, and email address, when receiving emails purporting to be from a company they're working with.

2. Consider the Requested Payment Process

Another way your clients can identify if someone is attempting to defraud them is the method they're asked to utilize when depositing monies into an escrow account. A legitimate business will never ask someone to pay an individual or agent directly, nor will they ask for money to be sent by Western Union® or MoneyGram® to another person. These groups are not associated with any legitimate escrow business.

3. Be Patient

Hackers thrive on the kind of pressure that forces clients to make decisions they wouldn't otherwise make. Your client may be even more eager to get to the finish line of the process if their home offer is accepted, but this is a good moment to sit down and be systematic about each piece of correspondence. 

Being deliberate will go a long way toward making your buyer scam-proof. When in doubt, they should contact the escrow agent using a phone number or email address they had before receiving the questionable email and verify any payment request. 

Learning how to better serve your clients is one of the biggest steps toward the success you deserve. If you want to thrive as a real estate agent and ensure a rewarding career, EXIT Realty Upper Midwest will help. This reputable agency is growing fast in Iowa, Minnesota, Wisconsin, Illinois, and the Dakotas, and they offer top-quality training free of charge to ensure you provide your clients with best-in-class service. Visit their website to learn more or call (651) 505-3570 to speak with a team member about exciting career opportunities.