Prevent Wire Fraud
Protect yourself and your money during real estate transactions.
Wire Fraud Is a Growing Threat
Wire fraud in real estate transactions has become increasingly common. Criminals target home buyers, sellers, and even real estate professionals to steal funds during closings. Awareness is your best defense.
9 Tips to Protect Yourself from Wire Fraud
Be suspicious of any email requesting a change in wiring instructions
Fraudsters commonly hack email accounts and send messages that appear to be from your real estate agent, title company, or attorney with new wiring instructions. Always verify any changes by calling a known phone number.
Never email financial information
Do not send bank account numbers, routing numbers, or other financial details via email. Email is not a secure communication method for sensitive financial data.
Verify wiring instructions by phone before transferring funds
Always call your attorney or title company at a phone number you have independently verified (not one from the suspicious email) to confirm wiring instructions before sending any money.
Be cautious of last-minute changes to closing instructions
Scammers often create a sense of urgency by sending last-minute changes to wiring instructions. Take time to verify any changes, even if you feel pressure to act quickly.
Use strong, unique passwords for your email accounts
Protect your email from being hacked by using strong passwords and enabling two-factor authentication. Many wire fraud schemes start with a compromised email account.
Confirm the identity of anyone requesting funds
Before wiring money, verify the identity of the person or company requesting the transfer. Use contact information you have collected independently, not information provided in the suspicious communication.
Be aware of phishing attempts
Watch for emails that contain misspellings, unusual formatting, or slight variations in email addresses. These are common indicators of phishing attempts designed to steal your information.
Report suspicious activity immediately
If you suspect you have been targeted by wire fraud, contact your bank immediately to attempt to recall the wire transfer. Also report the incident to the FBI Internet Crime Complaint Center (IC3) and your local law enforcement.
Work with professionals who prioritize security
Choose a real estate attorney and title company that take cybersecurity seriously and have protocols in place to protect your transaction from fraud.
REAL Law Group Protects You
At REAL Law Group, we use cutting-edge security protocols to protect our clients' financial transactions. If you have any concerns about wire fraud, contact us immediately.
Questions about your closing?
Our team is here to ensure your real estate transaction is safe and secure.