Report Highlights Court Battles Over Wire Fraud Liability
June 25, 2024
There’s been an alarming rise in real estate wire fraud, and it’s having a devastating impact on the title industry as well as consumers. Those victimized by such scams are turning to the courts to seek damages after their life savings or business liquidity is stolen by scammers. In a new report, CertifID analyzed more than 100 real estate wire fraud cases, and concluded that it’s becoming clear that title companies, law firms, banks and real estate professionals may bear potential liability if client funds are diverted to fraudulent accounts. Read on for analysis of a bank's liability, recent legal battles involving title companies, takeaways from the court decisions and risk mitigation strategies.
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