Tuesday, July 31, 2018

Let's Talk... Hot Off the Press!!!

The Highlights is an exclusive monthly series from SunTrust Mortgage, Inc., 
dedicated to providing you with breaking industry news, trends and other 
helpful tips for your business and clients! If there's ever a topic you'd like 
to discuss further, just reach out to your dedicated Loan Officer.
Owning a home is part of the American dream and is an exciting time 
for your clients. But as your clients are preparing to get the keys to 
their new home, hackers and cyber thieves are looking to turn your 
clients dream into a nightmare. Wire fraud scams are a growing problem 
that can cost your clients a huge financial loss.
According to American Land Title Association, here are some best 
practices to help protect your clients:
Call, don’t email: Ask your clients to confirm all wiring instructions 
by phone before transferring funds. Use the phone number from the 
title company’s website or a business card.
Be suspicious: It’s not common for title companies to change wiring 
instructions and payment information.
Confirm it all: Ask the recipient to confirm not just the account 
number but also the name on the account before sending a wire.
Verify immediately: Have your client call you or the title company 
to validate that the funds were received. If your client detects that 
the money was sent to the wrong account within 24 hours, it gives 
them the best chance of recovering their money.
Forward, don’t reply: When responding to an email, hit forward 
instead of reply and then start typing in the person’s email address. 
Criminals use email addresses that are very similar to the real one for 
a company. By typing in email addresses makes it easier to discover if 
someone is trying to commit fraud.
If your client feels like they have been a victim of wire fraud, have 
them call their bank immediately and issue a recall notice for the wire 
transfer and report the crime to www.IC3.gov.
For more information, contact me today.
Steve Somsen
Mortgage Loan Officer
NMLSR# 657351
SunTrust Mortgage, Inc.

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