You’ve found the home. You’ve made it through inspections, appraisals, and weeks of paperwork. Then, days before closing, you receive an email with updated wiring instructions. You follow them. The money is sent.
And then you find out — it never made it to the closing table.
Wire fraud is the fastest-growing financial crime targeting real estate transactions. According to the FBI, losses exceed $400 million annually — and in most cases, the money is unrecoverable.
How It Works
Real estate transactions involve large sums of money, tight deadlines, and multiple parties exchanging emails. Cybercriminals monitor those email threads, learn the transaction timeline, then send a fraudulent message impersonating a trusted party — your agent, lender, or title company. The email contains “updated” wiring instructions with a sense of urgency. The buyer wires their funds. By the time anyone realizes what happened, the money is gone.
These emails are sophisticated. They mimic real addresses, use professional language, and often reference accurate details that make them appear completely legitimate.
The Warning Signs
Be on high alert if you receive:
- Last-minute changes to wiring instructions
- Urgent language — "wire immediately" or "do not delay"
- Slightly altered email addresses — one wrong character is all it takes
- Wire instructions sent via email only, with no phone confirmation
- Any request to wire funds to a personal bank account
What To Do Before You Wire Anything
No matter how official an email looks, follow these steps every time:
1. Call to verify using a number you already have on file — not one from the email.
2. Confirm wiring details verbally with your title company before initiating any transfer.
3. Never rely on email alone, even if it looks identical to past correspondence.
4. If something feels off and you’ve already wired — call your bank immediately. Time is everything.
If You Fall Victim
Wire transfers are fast and final. Recovery is rare, but the FBI’s Internet Crime Complaint Center (IC3) has a Recovery Asset Team — your only real shot depends on reporting within minutes, not hours. It’s also worth noting that title insurance does not cover wire fraud losses. Prevention is the only real protection.
Your Protection Is Our Priority
A smooth closing isn’t just about paperwork. It’s about protecting what may be the largest financial transaction of your life.
When in doubt, pick up the phone. Your closing can wait five minutes. Your life savings cannot.
