Wire fraud is a serious and growing risk in real estate, with scammers using sophisticated tactics to steal money during transactions. These criminals pose as trusted professionals—such as escrow officers, real estate agents, or lenders—sending fraudulent wire instructions that look completely legitimate.
How Scammers Operate
Hackers often gain access to email accounts and send fake wiring instructions at a critical point in the transaction. For example, a buyer may receive an email appearing to be from their escrow officer, requesting a wire transfer. Without careful verification, the funds could be sent to a fraudulent account—and once transferred, they’re often impossible to recover.
How to Protect Yourself
✔ Verify Wire Instructions by Phone – Call your escrow officer at a known, verified number to confirm before sending any funds. Never rely solely on email.
✔ Be Suspicious of Last-Minute Changes – Wire instructions rarely change. If you receive updated details, assume it’s a scam until verified.
✔ Check Email Addresses Closely – Fraudsters create addresses that look nearly identical to legitimate ones. Click on the sender’s name to reveal the full email.
✔ Look for Unusual or Urgent Language – High-pressure wording, excessive urgency, or unusual phrasing can be signs of fraud.
✔ Secure Your Email Accounts – Use strong passwords, multi-factor authentication, and avoid using public Wi-Fi for sensitive transactions.
If You Suspect Fraud
Do not wire any money. Contact your escrow officer immediately. If funds have already been sent, notify your bank and the authorities as quickly as possible—acting fast may increase your chances of recovery.
The best way to prevent wire fraud is simple but crucial—always call to confirm wire instructions before sending any funds. Taking this extra step can save you from devastating financial loss.