Preventing Wire Fraud: Protect Your Purchase

Wire fraud has become one of the fastest-growing threats in real estate transactions. Scammers often target buyers during the closing process, sending fraudulent wiring instructions that can cost thousands of dollars—or even your entire down payment—if you aren’t vigilant. Here’s how to protect yourself and safely complete your transaction.

1. Understand the Risk

Wire fraud typically involves a scammer impersonating a real estate agent, title company, or lender. They send emails or messages that appear legitimate, instructing buyers to wire funds to an account under the scammer’s control. Once the funds are sent, they are often unrecoverable.

2. Verify All Wiring Instructions

Do Not Rely Solely on Email. Always verify instructions before sending money.

Call the Title Company or Lender: Use a phone number you’ve confirmed independently (not the one in the email).

Confirm Account Details: Verify routing and account numbers verbally.

Double-Check Any Changes: Scammers often send last-minute updates. Treat all changes as suspicious.

3. Use Secure Communication Channels

Avoid sending or confirming wiring instructions via email alone.

Use verified phone numbers, in-person verification, or secure portals provided by your title company or lender.

Beware of email addresses that are slightly altered or look unusual. Scammers often mimic legitimate addresses with small changes.

4. Stay Alert for Red Flags

Watch for warning signs that could indicate fraud:

Urgency or pressure to wire funds quickly

Requests to bypass normal procedures

Email addresses or URLs that don’t match your agent or title company exactly

Unexpected changes to wiring instructions close to closing day

5. Protect Your Devices

Wire fraud often starts with compromised email accounts. Take steps to secure your digital environment:

Use strong, unique passwords for email and financial accounts.

Enable two-factor authentication (2FA) on all accounts.

Keep antivirus software up to date.

Avoid using public Wi-Fi for financial transactions.

6. Know Your Recovery Options

If you suspect wire fraud:

Contact your bank or lender immediately to try to stop the transfer.

Report the incident to local law enforcement and the FBI Internet Crime Complaint Center (IC3).

Inform your real estate agent and title company. They can provide guidance and help prevent further damage.

Note: Once funds are wired to a fraudulent account, recovery is often extremely difficult, making prevention critical.

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Preventing Wire Fraud

Wire fraud has become one of the fastest-growing threats in real estate transactions. Scammers often target buyers during the closing process, sending fraudulent wiring instructions that can cost thousands of dollars—or even your entire down payment—if you aren’t vigilant.