A recent study revealed a concerning trend in the mortgage industry, showing that close to 20% of title companies were targeted by seller impersonation fraud attempts in the month of April. This type of fraud, where scammers pose as the seller in a real estate transaction to steal funds, highlights the ongoing challenges in combating cybercrime in the housing market.
Key highlights from the study include:
– Nearly 1 in 5 title companies fell victim to seller impersonation fraud attempts in April
– The prevalence of this type of fraud underscores the need for increased vigilance and security measures in real estate transactions
– Industry professionals are advised to stay informed and implement best practices to protect themselves and their clients from fraudulent schemes.
You can read this full article at: https://www.housingwire.com/articles/seller-impersonation-fraud-is-on-the-rise-ndp-analytics/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
