Important! Please be very cautious when you are handling big money transactions with information transferred online!
This just happened:
Person was purchasing a property cash. As in prior transactions, he received wiring instructions from the title company to transfer almost $200,000. He went to the bank and wired the money and then went and signed the closing documents. Done deal! As soon as he left he got a call from the realtor to run to the bank to try to cancel the transaction because the title company’s email was hacked and the wiring instructions were wrong.
What happens now? I am trying to figure it out and I will get to you with more info. BUT, we want to make sure that you do not need to know what to do if it happens, we hope it can be avoided.
Make sure that before you transfer big amounts of money (or even small amounts) that you confirm instructions. If you are not confident, then get a cashier’s check. Transactions with a cashier’s check take longer but better late than lost.
Yahima Suarez, JD.
Yahima Suarez, PA
Life Planning & Beyond