Reminder: Real estate scammers don’t take summer vacations

It’s time to revisit one of the most important topics in real estate – whether you’re closing on a property in Central America, the United States or anywhere else in the world. Yes, we’re talking about wire fraud, and all the dangers that come with it.

Despite our industry's ongoing efforts, cybercriminals continue to target real estate transactions at an alarming rate. Why? Because these crimes pay. Just consider the amount of money that moves through even a standard residential transaction. That number only increases when dealing with luxury properties or commercial deals.

That's why it's essential to remind everyone that these cybercriminal groups don't take summer vacations. Additionally, warding off these fraudsters is a year-round job, and it's one that the TLA Financial Services team takes seriously. After all, we aim for both security and sophistication regarding your escrow services.

We must all continue to discuss the dangers of wire fraud. Even in the United States, where real estate professionals have been fighting this fight for years, general awareness about this crime is low. A recent survey revealed that only about half of American homebuyers understood the magnitude of the issue before they closed on a home. 

Make sure you understand the escrow process. Scammers prey on urgency and fear, but we can combat that together. Be aware that last-minute changes to where you're sending money and how you're doing it are rare. Ensure you understand how your closing process should work, from start to finish, including the final payment. If someone asks – or demands – to deviate from that plan, it should be an immediate red flag.

Feel free to ask questions and verify information. When you choose TLA Financial Services as your escrow partner, we aim to ensure it's a smooth and secure journey. If something seems off, it probably is. Be sure to alert us about any suspicious activity around your transaction, and wait for our confirmation that it's legitimate before proceeding. Making sure your money is secure is always worth the wait.

Know about other types of real estate fraud in Mexico. Wire fraud is not the only scam people should be aware of when dealing with real estate in Mexico or one of our other markets. This article delves into title theft – a practice similar to the seller impersonation fraud scheme prevalent in the United States at present, as well as schemes involving the repurchase of timeshares. 

Thank you for trusting TLA Financial Services to provide professional services you can trust. Rest assured that we have systems in place to detect and prevent cyber fraud. In fact, it’s a requirement of being a good escrow partner. However, while we do our best to take care of everything you need to reach the finish line, we all must remain vigilant against scammers. Protect your email accounts and other communication platforms with strong passwords and multi-factor authentication.

Have questions about fraud, especially in Mexico or other parts of Central America? We'd love to discuss with you and your clients how we can all stay safer. Contact TLA Financial Services today to learn more about how we help protect your transaction and provide peace of mind every step of the way.