Protecting Yourself From Wire Fraud

Why Home Buyers Are Targeted

Closing on a home often involves transferring a large sum of money, sometimes tens of thousands of dollars, by wire transfer. This makes home buyers an attractive target for criminals who use fraudulent emails to trick people into sending funds to the wrong account. Once a wire transfer is sent, it is often very difficult or impossible to recover.

How the Scam Usually Works

Criminals often gain access to email accounts belonging to real estate agents, lenders, or title companies, then monitor conversations about an upcoming closing. At the right moment, they send an email that looks like it comes from a trusted party, often with a slightly altered email address, instructing the buyer to wire funds to a new account.

Warning Signs to Watch For

• Wiring instructions that arrive or change close to closing day
• Urgent language pressuring you to act quickly
• Email addresses that are slightly misspelled or altered
• Requests to communicate only by email rather than by phone

How to Verify Wiring Instructions Safely

Always call your title company or closing agent using a phone number you obtained independently, such as one from their official website or an earlier printed document, not a number included in the suspicious email. Confirm the account name, account number, and routing number verbally before sending any funds.

What to Do If You Suspect Fraud

If you have already sent a wire transfer and suspect fraud, contact your bank immediately and ask them to attempt a recall of the transfer. Time is critical, since funds can be moved out of a fraudulent account within hours. You should also report the incident to local law enforcement and relevant national agencies that track financial fraud.

Building a Habit of Verification

Because wire fraud tactics evolve and vary by criminal group, no single checklist guarantees safety. The most reliable protection is a consistent habit: always verify wiring instructions by phone using independently confirmed contact information, every single time, regardless of how legitimate an email appears.

Protecting Your Email and Devices

Beyond verifying wiring instructions, basic digital hygiene reduces your risk of being targeted. Use strong, unique passwords for email accounts involved in your transaction, enable multi-factor authentication where available, and avoid conducting sensitive communication over public Wi-Fi networks.

Educating Everyone Involved

Wire fraud schemes sometimes target not just buyers but also real estate agents and lenders. Make sure everyone involved in your transaction, including any family members helping with funds, understands the verification process before money needs to move.

Because scam techniques evolve constantly and vary by region and target, treat every wire transfer request related to your home purchase with the same careful verification, no matter how routine it may seem.