It’s an unfortunate reality that fraudsters are abundant in the real of commercial real estate. These cyber criminals are always formulating new methods of scamming honest real estate investors out of their money. Thankfully, there are certain tried and true prevention mechanisms that can help protect against fraud in a commercial title transaction.
It Starts with Education & Awareness
The first step in preventing commercial real estate fraud is education and awareness. Educate yourself on the most common fraud tactics so you can avoid falling into a trap. One of the most common tactics used by fraudsters are phishing emails, which try to trick you into believing they’re legitimate. The email will often look legitimate but upon further inspection have a slight misspelling in the email address. These emails typically try to get you to click on a link or download an attachment that will install malware on your device. Always take the time to read any email that asks you to click on a link or download an attachment. If you have any concerns whatsoever, call the person who sent the email to confirm that it is legitimate.
Dedicate a Specific Computer for Wire Transactions
Another great fraud reduction tactic is to dedicate a specific computer that’s used solely for wire transactions. This device should not be used for anything else – only wire transactions. This alone will significantly reduce the risk of potential fraud schemes.
Get Help with Your Next Commercial Transaction
Get the help you need with your next commercial transaction by contacting the experts at Commercial Partners Title Company. Our team of escrow agents, underwriters, and title closers has decades of experience in the commercial title industry. We can guide you through the ups and downs of the commercial title process and make sure you are prepared and informed every step of the way. To learn more about the extent of our services or to set up a time to chat with our experts, contact us today at our Minneapolis office.