A lot of moola
Thirty billion dollars. That’s the amount that is lost every year to wire fraud. And who is a top target for these ruthless scammers? Real estate.
To court they go
This summer, a couple was scammed out of $272,000 after being duped by a simple wire transfer request that they were expecting so they could close on their home. With that money hopelessly gone, they are suing.
They are suing their title company. They are suing the bank. They’re even suing the real estate agent.
Several brokerages have instituted safeguards with teams instructing their clients to only respond to wire transfer requests through the brokerage’s secure system. But what of the other thousands of brokerages and independents that haven’t even pondered the possibility of the expanding wire fraud problem?
BuyerDocs for the win
Enter BuyerDocs – The Real Daily got an exclusive first look at this real estate tech startup that wants to cut the wires of fraud that scammers use once and for all.
BuyerDocs aims to remove wire fraud from residential real estate by securing document delivery for home buyers – title companies get on board and over time, the industry standard is established, even with a two-person brokerage in small town America who hasn’t thought about wire fraud before (and now won’t have to).
Title companies were previously the most vulnerable to consumers suing, but they’re casting wider nets to include brokers and agents.
Abigail White, BuyerDocs Cofounder & CMO said, “Once we discovered the severity of wire fraud in modern real estate and that it could have happened to us, we wanted to serve the public by creating a secure service that could potentially revolutionize the home buying process.”
Make it happen
So how does it go mainstream? You can do your part by sending this story to your local title company – they can sign up to use BuyerDocs for free, and with industry pressure, mainstream adoption will not only save consumers billions of dollars every year, it may just save your hide from the next lawsuit.