Wire fraud is a growing threat in real estate, with fraudsters constantly finding new ways to steal money during transactions. The danger lies in how convincing these criminals can be—they impersonate trusted professionals, such as escrow officers, real estate agents, or lenders, to trick buyers and sellers into wiring money to fraudulent accounts.
A common tactic involves hackers intercepting emails and sending fake wire instructions that appear legitimate. For example, you might receive an email that looks like it’s from your escrow officer, instructing you to wire funds to a specific account—only to find out later that the money was stolen.
How to Stay Safe:
- Verify Before You Wire: Always call your escrow officer using a known, trusted phone number—not one from an email—to confirm wiring instructions.
- Be Wary of Last-Minute Changes: Wire instructions rarely change. If you receive updated instructions, assume it’s a scam until verified.
- Check Email Addresses Carefully: Fraudsters often use addresses that look nearly identical to real ones. Click on the sender’s name to reveal the full email address.
- Watch for Urgent or Unusual Language: Messages using high-pressure tactics, excessive gratitude, or odd phrasing may be fraudulent.
- Secure Your Email: Use strong passwords, enable multi-factor authentication, and avoid accessing sensitive accounts on public Wi-Fi.
If you receive suspicious wiring instructions, do not send any money and contact your escrow officer immediately. If you’ve already wired funds and suspect fraud, notify your bank and the authorities right away—acting fast can increase the chances of recovering your money.
Best practice is to always call your escrow officer and verbally confirm wiring instructions before sending any funds.