Follow These 4 Tips to Avoid Fraudulent Escrow Companies and Services
We are proud to be a respectable escrow company with an excellent reputation. We take this seriously and we work to protect each and every client from fraud. The bad news is that fraud is on the rise – including escrow fraud.
Whether you decide to work with us or another escrow company, at Neighborhood Escrow we sincerely hope that you will not be the victim of fraud. Keep reading to get four tips that can help you avoid this situation. Then contact us at 310-378-2456 if you are ready to set up escrow.
- Beware of Fake Websites and Emails
- Be Wary of Unsettling Customer Service
- Do Not Make a Payment That Doesn’t Seem Right
- Do Not Hesitate to Doublecheck
Scammers are very good at creating fake websites and emails but there are always ways to tell if they are real. For example, we will never contact you through our website to request escrow transactions, financial documents, or files.
When you receive an email from your escrow company, make sure that the email has all the relevant information you would expect. This should include a logo, the name of the company, the official signature of the person sending it, etc. If you are not 100% sure that it is a valid email or you are viewing a valid website, look up the phone number to the company and call them to confirm.
The truth is that all escrow companies are going to be busier at certain times of the month than others. In that case, you may find that your call is not immediately answer or returned. However, you should expect to get a professional voicemail to leave a message. On the other hand, the phone number of a scammer often just rings and rings with no voice mailbox at all.
If it is time to give money to your escrow company, they are going to request you from you through your Escrow Officer. The request may be faxed or sent through a secured email. It will likely include wire information and the Escrow Company’s Trust Account Number.
Scam artists will not want you to send money directly to a bank because it creates a paper trail. Instead, they will likely request that you send money to a “trusted intermediary.” The fact of the matter is that the entire point of escrow is to act as a trusted intermediary. You should not make payments to another party.
If you feel that something is off then you should assume that it is. You are dealing with a large amount of money and your escrow company is there to help ensure the transaction goes as smoothly as possible. If you have questions, contact them right away. If you need to find an escrow company, contact Neighborhood Escrow at 310-378-2456 now.
