YORK COUNTY, Pa. — Wire transfer scams reportedly cheat Americans out of millions of dollars every year, and homebuyers are some of the most vulnerable to this scheme.
“I mean, we’re talking about a substantial amount of savings that you’ve put aside and you’re finally able to achieve your dream, and it was scary,” says Matthew Pasciuta, a recent homeowner in York County.
He also says the increase in wire transfer scams made him afraid to use that method of payment and made having good representation essential.
“I understand that there’s a lot of concern, but a lot of that can be alleviated by hiring and bringing on the right team of professionals to help you,” said Pasciuta.
Shannon Hammill says as a title agent, the increase in wire fraud cases is nerve-racking. She also says the scams could cost them customers.
“Being responsible for losing someone’s funds is a big deal,” said Hammill, director of operations for Elmwood Settlement Services. "I would understand if somebody would not come back to us after that. All the more reason to be on the lookout."
Allison Altman, from Inch & Co. Real Estate, says wire fraud generally takes place because of consumers’ emails about homebuying transactions.
“What happens is these hackers kind of set up programs that will scrub emails looking for those keywords, so then they target those consumers,” said Altman.
She also says when receiving wire transfer instructions, it’s important to verify the sender before transferring any funds and don’t trust the phone number in wire transfer instruction emails. Look up the published number of the company you’re wiring money to and confirm the information is accurate.