Over the past three years, wire fraud has quickly risen to one of the biggest threats not only to the title industry, but also to individual homeownership. According to the United States Financial Crimes Enforcement Network (FinCen), more than $893M was lost as result of wire fraud from 2020 to 2021. Unfortunately, title and closing agents are most commonly impersonated parties to the transaction, which means that home buyers are the most common victims. While these statistics are distressing, Midland Title is taking action and investing the most state-of-the art technology available to protect our customers from potential losses.
In this three-part blog series, we will:
Define wire fraud and how to spot it
Discuss what to do if you discover that you are a victim of wire fraud
Outline what Midland Title is doing to protect our customers