Protecting Your Finances During Major Life Events
Life’s biggest moments often involve important financial decisions. Buying a home, renovating a property, or relocating for a new opportunity can all be exciting milestones, but they can also create opportunities for scammers.
Fraudsters increasingly target people during these times because they often involve large payments, tight timelines, and lots of moving parts. The good news is that many of these scams can often be avoided with a few simple verification steps.
One of the most common threats is real estate wire fraud. In these scams, criminals gain access to email conversations between buyers, real estate agents, lenders, or title companies. Just before closing, they send realistic-looking emails claiming there’s been a change in wiring instructions. The message may appear legitimate, reference the correct property details, and create a sense of urgency. Unfortunately, once the money is wired, it can be extremely difficult to recover.
The safest approach is simple: never rely solely on emailed wiring instructions. Before sending funds, call the title company or financial institution directly using a phone number you found independently, not one listed in the email.
Home improvement scams are another growing issue. Be cautious of contractors who show up unsolicited, pressure you to act immediately, demand large upfront payments, or refuse to provide proof of licensing and insurance. Legitimate contractors typically provide written estimates, clear timelines, and reasonable deposit requirements.
Moving scams can also catch people off guard during already stressful relocations. Some moving companies provide unusually low estimates, load belongings onto the truck, and then demand significantly more money before completing delivery. Before hiring a mover, verify the company’s DOT registration, read reviews carefully, and obtain multiple written estimates. The Federal Motor Carrier Safety Administration offers an online tool that allows consumers to verify whether a moving company is properly registered.
One common thread connects many of these scams: urgency. Scammers want people to react quickly before they have time to verify details or ask questions. Slowing down and independently confirming information often stops the fraud before it happens.
Here at Fairlane Investment Advisors, we encourage clients to reach out when something feels unusual, rushed, or unclear. Sometimes a quick conversation and a second set of eyes can help prevent a costly mistake.
If you have questions about a financial transaction, suspicious request, or simply want another set of eyes on something before acting, we invite you to schedule a complimentary meeting. We’re always happy to help you navigate important financial decisions with confidence.
