Avoiding Wire Fraud

Buying a home is exciting—but it’s also a prime target for wire fraud, which cost victims over $446 million in 2022. Wire fraud occurs when scammers use hacked or spoofed emails to impersonate your agent, attorney, or title company and trick you into wiring money to a fraudulent account—often right before closing.

These criminals monitor transactions and strike at the most vulnerable moment, sending realistic emails with slight changes to wiring instructions or payment methods. Because real estate deals involve large sums and multiple parties, buyers can be especially vulnerable.

To protect yourself, work with trusted professionals like a REALTOR®, and discuss the process upfront—especially how and when funds will be transferred. Always verify wiring instructions independently using a known, trusted phone number (not one from an email). Be cautious of last-minute changes or urgent requests, and double-check email addresses for subtle differences. Before wiring funds, call to confirm details, and follow up immediately after to ensure the money was received.

If anything seems suspicious, stop and verify. If you believe you’ve been targeted or scammed, contact your bank immediately and report it to the FBI’s Internet Crime Complaint Center (IC3). Acting quickly can make a critical difference.