How Wire Fraud Happens
Real estate wire transfer fraud is currently the single biggest threat to real estate transactions. More than 11,600 people were victimized by real estate wire fraud last year alone, representing over $221 million in losses.
The Consumer receives a fraudulent email with incorrect Wire Info
The fraud Wire Instructions are sent through the Consumer’s Bank
The funds are sent to a fraudulent Bank Account
The DirecFunds Solution
The Consumer fills out their Wire form through the DirecFunds Portal with no need to leave their home. The Wire Information is pre-filled making it impossible to send to an unknown Bank Account
The Wire Information is double checked and verified through the secure system making it impossible to send to a fraudulent Account
The Fed Bank receives the Wire instructions from DirecFunds Fintech Bank
The funds are sent to the Title Agency Escrow Account
DirecFunds Wire is a process that will allow the consumer to transfer their property down payment or closing wire transfer safely and securely without the need to visit their financial institution. The buyer can do so conveniently from their home computer, tablet, or phone, and all parties to this transaction will be free from wire fraud.