For Immediate Release: 

Contact:  Tim Egan, President & Chief Executive Officer (760) 633-4342 P.J. Garcia, EIC Chairperson (714) 842-4594 extension 1# June 28, 2006 Escrow Institute of California Announces New Website with Tips for AVOIDING INTERNET FRAUD! The Escrow Institute of California (EIC) announced today the launch of their new website www.EscrowInstitute.org with important information for consumers about fraudulent internet escrow companies. EIC is a member of the Escrow Fraud Task Force, established in 2004 by the California Department of Corporations (DOC) in coordination with the Federal Trade Commission (FTC), the Federal Bureau of Investigation (FBI), the Southern California High Tech Task Force and the Los Angeles County Sheriff's Department. In an effort to take proactive steps against internet fraud and to provide consumers with practical information about the escrow process, EIC has designed a website that includes, 10 Tips to Avoid Online Escrow Fraud (see below) as established by DOC, as well as helpful information about the importance of homebuyers working only with licensed escrow companies. “The Escrow Institute of California is committed to protecting consumers’ real estate investments by providing them with practical information to guide them through the escrow process.  Our goal with the EIC website is to alert consumers about the dangers of fraudulent internet escrow companies and encourage them only to work with licensed escrow companies,” said P.J. Garcia, EIC Chairperson.  Established in 1947, the Escrow Institute of California is a professional trade association that represents the licensed, independent escrow industry in California. EIC members are licensed by the California Department of Corporations, undergo background checks and fingerprinting by the Department of Justice and are bonded by the Escrow Agents’ Fidelity Corporation. Many EIC members are community-based, family-owned, small business enterprises with a customer base that is predominantly repeat business and referral based. # # # 10 Tips to Avoid Online Escrow Fraud 1. The easiest and best way to avoid becoming a victim of an online escrow scam is to call the California Department of Corporations toll-free at 1-866-ASK-CORP (1-866-275- 2677) to make sure the escrow company you plan to use is properly licensed. 2. Never disclose financial or personal information like your Social Security number, credit card number, or bank account information until you have verified that the online escrow company you are using is properly licensed. 3. A buyer or seller who insists on using a particular online escrow company is probably trying to steer you towards a fraudulent escrow services site. 4. Watch out for escrow company sites that don't have an address and phone number listed. If the site does list a phone number, call the number and be sure you speak to a live person. A generic voice mail is a sign that the company may be fraudulent. 5. Send the escrow company an e-mail question. If you don't receive a response, don't do business with them. 6. Sometimes a phony escrow company Web site can be detected by its sloppy content, with spelling and grammar errors and inconsistent information. Other times, the site's information may have been copied from legitimate escrow company sites. 7. Find out how the online escrow service processes transactions. Steer clear of sites that don't process their own, but require users to set up accounts with online payment services instead. Legitimate escrow companies don't use person-to-person money transfers like Western Union or MoneyGram or direct you to send your payment to an individual rather than a corporate entity. 8. Fake escrow company sites often display logos from the Better Business Bureau, VeriSign Secure, TRUSTe, and even the Internet Fraud Complaint Center. Check to make sure the escrow company really is endorsed by these organizations. 9. Avoid escrow company sites with domain names ending in .org, .biz, .cc, .info., or .US. 10. Be wary of a seemingly terrific deal. Scammers post online classified ads and offer items via online auction with very low prices. Remember, these so-called "deals" are just the hook to get you to use a phony escrow company site.