Fraud Alert: New Scheme Asks Company to Verify Account Info Before Funding

May 31, 2018

Title and escrow companies should be aware of a new email scheme attempting to garner company banking information.

Bill Burding NTP, executive vice president and general counsel for Orange Coast Title Co., reported that staff at his company received an email from one of their banks asking for verification of account information before funding a file. The email said the buyer’s lender required the information from the title company’s bank.

Employees noticed red flags such as different font sizes and bolded words. In addition, the bank reference letter asked for information that its bank would already have, such as the account number, full signors’ names and the legal entity that owns the account.

“It’s the keys to the castle if they are able to get this information,” Burding said.

What You Should Do

If you receive an email requesting such information, call the bank and don’t respond by email. When contacted, the bank said it would not ask you for that information.

Contact ALTA at 202-296-3671 or