How To Maximize Cybersecurity When Purchasing A Home Online?

These are truly exciting times to be alive, when you can buy a home almost entirely online, from the convenience of your home, and with just a few mouse clicks. Yet, this blend of modern convenience comes with its share of potential dangers, one that can eat into your life’s savings if you’re not careful.

If you’re considering buying a property online, we wouldn’t want to discourage you, but there are a few guidelines and best practices to ensure you protect yourself when navigating this new landscape.

1. Verify Website Authenticity

Whether while browsing property listings, conversing with different parties, signing contracts, or making payments, make sure that you are interacting with a legitimate website. There are plenty of sites created by scammers that mimic well-known real estate platforms with the intention of robbing you.

Ideally, the website you are accessing should have a ‘Padlock’ symbol in the browser’s address bar, with a URL that starts with ‘HTTPS’. For example, this website that offers a mortgage calculator for California features both these features, making it safe to use.

Also, keep an eye out for slight misspellings or unusual extensions, which are part of the MO for cybercriminals to dupe unsuspecting users, and are thus massive red flags.

2. Use Secure Connections

This should go without saying, but avoid making the biggest financial move of your life on public Wi-Fi networks. Hackers can easily intercept data on unsecured networks, leading to stolen personal information.

Ideally, if you’re transacting large sums online, consider using a virtual private network (VPN) to encrypt your connection no matter where you’re working from.

3. Protect Your Financial Information

Your financial information is a prime target for cybercriminals. When making payments or providing sensitive data, ensure the website uses encryption (again, look for "https" in the URL).

Additionally, consider setting up multi-factor authentication (MFA) on any accounts related to your home purchase, such as your bank or mortgage lender. MFA adds an extra layer of security by requiring more than just a password to access your accounts.

4. Understand Common Scams in Real Estate

Online real estate scams have become increasingly sophisticated. One common scam involves criminals intercepting emails between buyers and their agents or title companies to redirect closing funds to their own accounts.

To avoid this, never wire money based on an email alone. Always verify wiring instructions with your agent or title company by phone using a number you know is legitimate.

5. Monitor Your Accounts

Keep a close eye on your bank accounts and credit reports throughout the home-buying process, and don’t ignore any suspicious activity.

Unexpected charges or changes in your credit score could signal that your information has been compromised. If you notice anything suspicious, report it to your bank or credit card company immediately.

6. Work with Trusted Professionals

Finally, make sure you’re working with reputable real estate agents, lenders, and title companies. Research their backgrounds, read reviews, and verify their credentials before proceeding.

Trusted professionals will take cybersecurity seriously and use secure communication methods to protect your information.