Wire fraud is one of the fastest-growing threats in real estate transactions. Fraudsters target buyers during closing, often attempting to redirect large wire transfers.
How Wire Fraud Happens
Scammers hack or spoof email accounts and send fake wiring instructions that appear legitimate. By the time the fraud is discovered, the funds are often gone.
Why It’s So Dangerous
Real estate transactions involve large sums of money, making them ideal targets. Buyers searching for real estate escrow services may not realize the risk.
How to Protect Yourself
- Always verify wiring instructions by phone
- Never trust last-minute changes sent by email
- Confirm details directly with your closing attorney
- Use secure communication methods
The Role of a Real Estate Attorney
A real estate attorney adds an extra layer of protection by ensuring secure procedures are followed.
Final Thoughts
Wire fraud is preventable. Awareness and verification are your best defenses.
