Northwestern WI isn’t immune from scammers. One example is the $2.6 million scam that targeted the City of Chetek in 2023! It involved fake wire payment instructions sent to the City by someone pretending to be an authorized contractor. Fortunately, the City and its financial partners recovered the full amount in early 2024.
Nationwide, home buyers are a favorite target of scammers who try to steal down payments through fake closing instructions. Working through email, scammers imitate the title company, or other people in the transaction, and send false closing instructions to the buyer. The fake instructions pressure the buyer to wire funds immediately to avoid losing the deal.
Fortunately, there are ways Northwestern WI home buyers can avoid wire fraud! Save these steps for future reference:
1. Get to know the professionals involved in your transaction as early as possible. Get their direct phone numbers, office locations and business hours.
2. Carefully review your closing instructions when you first receive them. Verify these instructions before you conduct any transactions.
3. If you receive a change of instructions through email, be wary! Call your title company directly, using the number you have on record. Ask if they made any changes. Do not use the phone number shown in the email signature, as this could also be fraudulent.
4. Be highly suspicious of “urgent” demands for payment. If someone asks for your money, your banking information, or your personal info, and they are demanding an immediate response, it’s a red flag.
Scammers are watching for the perfect time to strike. They can mimic anyone, with just a minor difference in punctuation or spelling separating a fake email address from the real thing. Busy people don’t always notice the difference, and scammers take advantage of this. Stay alert, and don’t hesitate to reach out to your trusted, local professionals if you have questions!
Six Lakes Realty is a locally owned family business with over 45 years of real estate experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com