Wire fraud scams escalate in real estate deals

In this Help Net Security video, Tyler Adams, CEO at CertifID, illustrates how the real estate sector needs to invest significant effort in educating consumers and implementing protective measures to safeguard real estate transactions.

Recent CertifID research found that median consumer losses in real estate fraud schemes exceeded $70,000 per incident as a result of stolen buyer down payments and seller net proceeds. Also, 51% of consumers are not adequately aware of the risks of real estate wire fraud before closing.

Consumers and their real estate service providers must be cautious during each transaction. This includes confirming identities and banking information to guarantee that payments are conducted securely and safely.