Mr. Estrella spoke about fraudulent pay-off and wire instruction scams. He emphasized steps that can guard against becoming victim to a scam:
- Verify information by phone
- Independently source the contact information; do not rely on the phone number in a letter or email.
- We need to receive a mortgage payoff letter the day before closing so that we can take the time we need to independently verify the payoff letter
- Make sure your computer software is updated so that you can hover over the sender’s email address to see if it is legitimate.
- If you are being scammed, notify the FBI
- Examine your coverage; E&O does not include fraud