Stay Secure: How to Shield Your Real Estate Transactions from Wire Fraud
webadmin • July 14, 2024
Stay Secure: How to Shield Your Real Estate Transactions from Wire Fraud
Wire fraud,
a term you might have encountered in fine print or during security briefings, represents a significant threat in the realm of real estate and mortgage transactions. Understanding the nature of wire fraud and implementing effective strategies to counter it is crucial.
Here, we’ll explore what wire fraud entails, how it commonly occurs, and practical measures to protect yourself and your finances.
For instance, if malware compromises your computer or that of a third-party involved in your mortgage process, it becomes easier for hackers to access sensitive information and craft convincing fraudulent communications. These may mimic legitimate emails from your real estate or mortgage professionals, complete with authentic-looking logos and email signatures.
A common tactic involves altering the instructions for your closing funds, directing them to a fraudulent account rather than the legitimate title company’s escrow account. These emails might even ironically warn you about the risk of wire fraud, making them seem more credible.
Our approach is not to alarm you but to prepare you, enhancing your ability to detect and avoid malicious schemes. By choosing a lender that not only values but actively invests in your security, you enhance your defenses against potential wire fraud, ensuring that your financial journey is both successful and secure.
Here, we’ll explore what wire fraud entails, how it commonly occurs, and practical measures to protect yourself and your finances.
Understanding Wire Fraud in Real Estate
Wire fraud occurs when perpetrators deceive you into sending funds to fraudulent accounts. These criminals are adept, often using sophisticated techniques to make their requests appear legitimate.For instance, if malware compromises your computer or that of a third-party involved in your mortgage process, it becomes easier for hackers to access sensitive information and craft convincing fraudulent communications. These may mimic legitimate emails from your real estate or mortgage professionals, complete with authentic-looking logos and email signatures.
A common tactic involves altering the instructions for your closing funds, directing them to a fraudulent account rather than the legitimate title company’s escrow account. These emails might even ironically warn you about the risk of wire fraud, making them seem more credible.
Proactive Steps to Prevent Wire Fraud
At Luminate Home Loans, we prioritize the security of our clients by implementing robust security protocols and educating our borrowers about the risks of wire fraud. Here are some of the preventive measures we recommend:- Regularly Update Your Email Passwords: Changing your email passwords every 90 days or so is a simple yet effective way to enhance security.
- Install and Update Anti-Virus Software: Ensure your personal and work computers are protected by reliable anti-virus software that updates and runs scans automatically.
- Maintain Software and Operating System Updates: Regular updates can be annoying but are essential in keeping your devices secured against new threats.
- Scrutinize Email Details: Phishing attempts can be highly sophisticated. For example, an email intended to deceive might use an address that closely resembles our official one, such as “@golum1nate.com” instead of “@goluminate.com.” Always verify the authenticity of emails.
- Verify Wire Instructions by Phone : Before executing any wire transfers, confirm the details over the phone with a trusted mortgage professional, especially if anything in the email seems amiss.
Choosing the Right Lender for Security and Peace of Mind
The financial magnitude of purchasing or refinancing a home can make the process daunting. This makes choosing a trustworthy lender not just a preference, but a necessity. At Luminate Home Loans, our commitment extends beyond providing excellent service; we aim to ensure that every transaction is secure, reducing the risk of wire fraud and giving you peace of mind.Our approach is not to alarm you but to prepare you, enhancing your ability to detect and avoid malicious schemes. By choosing a lender that not only values but actively invests in your security, you enhance your defenses against potential wire fraud, ensuring that your financial journey is both successful and secure.
Here at Luminate Home Loans, we’re always looking for ways to offer more value to our clients and partners. That’s why we’re thrilled to announce that we’re now a wholly owned subsidiary of Luminate Bank®—and soon, we’ll officially transition under the Luminate Bank® name.
For years, homebuyers have been hoping for a return to the ultra-low mortgage rates seen during the pandemic. But as we move through 2025, it’s becoming increasingly clear that today’s rates—hovering between 6% and 8%—aren’t going anywhere.
Luminate Bank® Welcomes Josh Eifert as Chief Financial Officer, Honoring Legacy of Dave Turk [Minneapolis, Minn.] – [2/4/2025] – Luminate Bank® is proud to announce the appointment of Josh Eifert as its new Chief Financial Officer, succeeding Dave Turk, who has played a pivotal role in shaping the company's strong financial foundation. Josh brings a wealth of experience and strategic vision to Luminate Bank, with 26 years in the banking industry. Most recently, Josh served as CFO at Tradition Capital Bank in Edina, Minnesota, where he led the financial strategy during its remarkable growth from $300 million to more than $2.5 billion in total assets. Before his tenure as CFO, Josh contributed to Tradition Capital Bank in other key financial roles. He began his career with Norwest and Wells Fargo Banks, gaining extensive expertise in financial and operational capacities. Luminate Bank's leadership transition reflects the company's thoughtful succession planning, ensuring its financial strategies remain robust and forward focused. Under the leadership of Dave Turk, Luminate Bank has built an exceptional financial infrastructure, delivering consistent results and creating a foundation that positions the company for continued success. Luminate Bank's CEO, Marc Campbell, shared his confidence in the appointment: "Josh not only brings exceptional financial acumen and strategic insight to Luminate Bank, but he also embodies the principles that define our organization: integrity, innovation, and a steadfast commitment to excellence," Luminate Bank's CEO, Marc Campbell, shared with confidence. "His leadership will ensure our financial strategies succeed and inspire confidence across all who depend on us." "I am honored to join Luminate Bank at such an exciting time. The company's remarkable history of financial excellence and its forward-thinking approach align perfectly with my values and vision," stated Josh Eifert. "I look forward to collaborating with the talented leadership team to build on this strong foundation and drive continued success for our customers, employees, and stakeholders." Josh graduated from the University of Minnesota with a degree in finance and completed the Graduate School of Banking at Colorado. CEO Marc Campbell expressed gratitude for retiring CFO Dave Turk's contributions, saying, "Dave has been instrumental in positioning Luminate as a financial leader. His dedication, insight, and stewardship will always be a part of our company's legacy." Josh Eifert will officially assume his role on February 18, 2025. About Luminate Bank® At Luminate Bank, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey. Our dedicated mortgage division has branches and a team of loan originators across the US, making expert home financing solutions accessible to communities nationwide. Luminate Bank is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more about how we can open doors for you at www.luminate.bank , follow us on Instagram, LinkedIn, and Facebook, or call (952) 939-7200. For media inquiries, please contact: Debbie Schwake, CMO debbie.schwake@luminate.bank
Have a question or concern for our team?
We're ready to help!
COMPANY
Luminate Bank
NMLS# 1281698
