With a rise in electronic payments across the world, homebuyers and consumers need to be especially careful when working with their lenders and realtors to make sure that they don’t release funds or personal information to the wrong person. According to a 2021 American Land Title Association (ALTA) survey on Wire Fraud, over 13,000 homebuyers/potential homebuyers were scammed out of a total of over $200 million. In addition, the losses due to fraud have risen due to the pandemic, from $1.8 billion in 2019 to $3.3 billion in 2020.
To help the community better understand wire fraud, title insurance, and the other risks that come with the purchase of property, Knight Barry Title Group asked the CEDC to bring people together at the Willow in Chippewa Falls to learn about how to prevent wire fraud and discuss what the best practices are for keeping everyone involved safe.
“Know who you’re doing business with, watch out for the red flags, and stay abreast of the latest scam tactics,” said Tim Stone of Citizens State Bank. “Scams like this aren’t easily rectifiable after the transaction has been completed, so prevention is key.”
CEDC Investors have been bolded for additional recognition.