As cyber fraud rates continue to rise year after year, we all need to remain vigilant in protecting ourselves from online phishing and spoofing scams. But with an astounding 400% increase in mortgage fraud since Covid, home sellers and buyers need to remain especially cautious during the purchase process.
One way to protect yourself is to keep news of the upcoming sale completely off of social media until closing. After monitoring listing status changes in the MLS, fraudsters can use clues from social media to figure out when closing is scheduled to take place and then send fake payoff instructions to involved parties.
For more information on how to protect yourself during the home purchase process, please review these helpful tips. And as always, please don’t hesitate to contact me directly with any questions or concerns you have about the purchase process.