Elite Title and Escrow Corporation keeps you safe from fraud.
We use CertifID to help protect the transfer of your money.
Is wire fraud really that serious?
Wire transfers continue to be the most frequently reported payment method for fraud with a reported aggregate loss of $2.4 Billion and an average loss of $120k per victim.
2021 FBI IC3 Report
Warning: Don't get tricked at the last minute
Fraudsters hack emails and impersonate your real estate agent, title company, or lender to trick you into sending funds to a fraudulent bank account. Do not trust any wiring information unless it comes through CertifID.
Why we partner with CertifID
CertifID is the nation's leading wire fraud prevention solution. CertifID helps verify your identity securely, prior to exchanging sensitive banking information, so you have peace of mind when transferring your money.
How does CertifID work?
Seller Impersonation Fraud in Real Estate
FRAUDSTERS are impersonating property owners to illegally sell commercial or residential property. Sophisticated fraudsters are using the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials, which may be applied without the notary’s knowledge.
Fraudsters prefer to use email and text messages to communicate, allowing them to mask themselves and commit crime from anywhere.
Due to the types of property being targeted, it can take months or years for the actual property owner to discover the fraud. Property monitoring services offered by county recorder’s offices are helpful, especially if the fraud is discovered prior to the transfer of money.
Where approved by state regulators, consumers can purchase the American Land Title Association (ALTA) Homeowner’s Policy of Title Insurance for additional fraud protection.
Watch for Red Flags
CONSIDER HEIGHTENED SCRUTINY OR HALT A TRANSACTION WHEN A PROPERTY
- Is vacant or non-owner occupied, such as investment property, vacation property, or rental property
- Has a different address than the owner’s address or tax mailing address
- Has no outstanding mortgage or liens
- Is for sale or sold below market value
CONSIDER HEIGHTENED SCRUTINY OR HALT A TRANSACTION WHEN A SELLER
Wants a quick sale, generally in less than three weeks, and may not negotiate fees
Wants a cash buyer
Is refusing to attend the signing and claims to be out of state or country
Is difficult to reach via phone and only wants to communicate by text or email, or refuses to meet via video call
Demands proceeds be wired
Refuses or is unable to complete multifactor authentication or identity verification
Wants to use their own notary
Take Precautions
CONTACT SELLER USING INDEPENDENT SOURCES
Contact the seller directly at an independently discovered and validated phone number
Mail the seller at the address on tax records, property address, and grantee address (if different)
Ask the real estate agent if they have personal or verified knowledge of the seller’s identity
MANAGE THE NOTARIZATION
Require the notarization be performed by a vetted and approved remote online notary, if authorized in your state
If remote online notarization is not available, the title company should select the notary. Examples include arranging for the seller to go to an attorney’s office, title agency, or bank that utilizes a credential scanner or multifactor authentication to execute documents
VERIFY THE SELLER’S IDENTITY
Send the seller a link to go through identity verification using a third-party service provider (credential analysis, KBA, etc.)
Run the seller’s email and phone number through a verification program
Ask conversational questions to ascertain seller’s knowledge of property information not readily available in public records
Conduct additional due diligence as needed
USE THE PUBLIC RECORD
Compare the seller’s signature to previously recorded documents
Compare the sales price to the appraisal, historical sales price, or tax appraisal value
CONTROL THE DISBURSEMENT
Use a wire verification service or confirm wire instructions match account details on seller’s disbursement authorization form
Require a copy of a voided check with a disbursement authorization form
Require that a check be sent for seller proceeds rather than a wire
FILE FRAUD REPORTS
IC3.gov
Local law enforcement
State law enforcement, including the state bureau of investigation and state attorney general
Secretary of state for notary violations
FIGHT FRAUD WITH INDUSTRY PARTNERS
Educate real estate professionals in your community, such as country recorders, real estate agents, real estate listing platforms, banks, and lenders
Host educational events at the local or state level
Alert your title insurance underwriter of fraud attempts