Escrow Thursday: More on Escrow Fraud

Escrow Fraud Information

Take a close look at how an escrow site asks you to pay. If an escrow site asks you to make a payment to an individual rather than a corporate identity, it’s a scam. A legitimate escrow service will never ask you to send money to an individual.

Beware of escrow sites that use money transfer services such as Western Union and MoneyGram. Western Union is not affiliated with any escrow service. If you do wire money ask your bank where the wire transfer is being sent.

Do a search for the escrow site on Google or another search engine. If your search turns up zero results, be wary. If your search turns up consumer complaints, avoid doing business with that site.

Scammers love to use the words “safe” and “secure.” A dash in an escrow company’s name, e.g., “secure-escrow” should be a red flag.

Avoid escrow sites with .org. A legitimate escrow service would never try to pass itself off as a nonprofit organization.

EscrowFraud.com and CarBuyingTips.com have a long list of known escrow fraud sites on their websites. CarBuyingTips.com has screen shots of 12 common escrow scams.

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