Wire Fraud is on the rise

Criminals are targeting Real Estate and Mortgage transactions in an attempt to steal borrowers’ down payments.

Do not become a victim of wire fraud. Speak to your loan officer BEFORE completing your wire transfer.

Remember: We will never request you to complete payment via email. For more information, please read below:

What is wire fraud and how does it occur? Criminals are taking advantage of the current business climate caused by COVID-19 and rely on gaps in communication between the borrower and their loan officer to perpetrate these wire fraud scams. Criminals are targeting real estate transactions by gaining access to electronic communications or sending emails that appear to be from a real estate agent, a title company, a lender, or another trusted source. These fraudulent emails seem legitimate and direct you to wire funds to a fraudulent account. Once you wire funds to a fraudulent account, your money is gone.

How can you protect yourself from wire fraud? You should never send personal information, such as bank account numbers or other financial information, via email or other unsecured electronic communication. If you receive any electronic communication regarding wiring instructions, even if the communication appears to come from a legitimate source, you should verify the communication’s authenticity with your Loan Officer prior to the transfer of funds in person or via phone call using a recognized phone number that is not found in the communication.

REMEMBER: Jerry Torres’ Team or Equity Smart Home Loans will never use any electronic communications, such as email, text messages, or social media messages, to ask you to wire funds or provide personal information. Your physical wire information can be found in your official loan document package. This package will be signed in front of a notary, at the closing or end of your transaction.

If you receive any electronic communication regarding wiring instructions, even if the communication appears to come from a legitimate source, you should verify the communication’s authenticity with your Loan Officer prior to the transfer of funds. DO NOT REPLY TO ANY EMAILS THAT MAY BE SUSPECT. Instead, notify your

Loan Officer right away. You can also reach out to us or our IT Team at itHelp@equitysmartloans.com or (323) 256-6758.