Fraud is an unfortunate reality that impacts buyers and sellers in the property market. Fraudsters employ a range of techniques to steal identities and deceive people into handing over their money. Weak password protection, lack of awareness, unsophisticated systems, and many other reasons can be the culprit.
If you want to avoid fraud and stolen seller identity, you must be cautious, vigilant, and proactive so you can spot the warning signs. Magnolia Title Company, Inc. shares some essential tips on safeguarding yourself from property fraud, navigating eClosings, and more:
Be aware of property fraud.
Property fraud happens when scammers, disguising their identity, illegally sell or take a loan against someone's property without the owner being aware. To prevent this, you can sign up for a notification service that alerts you of any transactions or changes involving your property.
Moreover, keeping an eye on your credit report is essential, as identity thieves often use stolen personal information to arrange mortgages. This method can help you detect any unusual financial activities or other forms of fraud that might be occurring without your knowledge.
Protect yourself during eClosings.
eClosings are the modern-day method of buying and selling properties, and it’s gaining a lot of traction. With eClosings, you can sign documents online and complete the closing process from your home or office.
There’s no need to take time off work or travel to a closing location; just log into the secure system and take care of everything on your schedule. Plus, going digital means fewer mistakes and less paperwork to keep track of!
Be sure to double-check all email addresses of those involved before transferring any money through eClosings. Make sure the email addresses match, and if in doubt, call them to verify before proceeding any further.
Use strong passwords.
Maintaining robust, complex passwords and updating them frequently will go a long way in keeping your accounts secure. Consider mixing letters, numbers, upper and lowercase, and special characters with every password.
Use a long password with unique strings of text, and avoid using easy-to-guess names, words, or dates. Moreover, utilize two-factor authentication or multi-factor authentication as an additional layer of security.
Keep your information private.
Being cautious about what you disclose to others is critical in preventing fraudsters from stealing your identity. Never share your complete personal data over calls or email, especially with individuals you don’t know. If you need to share information, only do so through secure systems and with reputable companies or individuals.
Keep your software up to date.
Knowing the latest scams and tricks that fraudsters implement to breach accounts will significantly reduce your chances of becoming a victim. Regularly research recent scams and cybercrimes to stay informed.
Also, make sure your software is updated because the latest software versions always contain security patches that prevent viruses from getting into your system. Here are a few other reasons software updates are so important:
It’s essential to take the necessary steps to protect yourself from fraud and stolen solar identity. Remember to learn as much as possible about the different types of fraud and how to navigate eClosings securely and successfully. Also, always choose strong passwords, keep your information confidential, and update your software. It’s heartbreaking to lose your hard-earned money and reputation, so remember to be cautious and vigilant in the days and months ahead!
Image via Freepik
Guest Article By: Megan Cooper
Founder, RealLifeHome.net