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Avoid Wire Fraud

Protect Yourself from Real Estate Wire Fraud: What You Need to Know

Buying a home is an exciting milestone. You’ve saved, found your dream home, and are ready to move in. But before you can get the keys, there’s a hidden threat you need to guard against: wire fraud. Criminals across the country have stolen millions meant for home purchases through sophisticated wire fraud schemes.

How Wire Fraud Happens

Fraudsters don’t wait until the last minute to strike—they start by using phishing scams to steal sensitive information. This can involve fake emails, website forms, or phone calls designed to trick you into giving up personal details. Once hackers gain access to an email account—whether it's yours, your real estate agent’s, or your title company’s—they monitor transactions, waiting for the perfect time to send fraudulent wire transfer instructions disguised as legitimate. If you follow those fake instructions, your hard-earned money can vanish in minutes.

How to Protect Yourself

Although the title industry and professionals work hard to educate consumers about these dangers, fraudsters still target homebuyers. Here’s what you can do to stay safe:

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Verify by Phone, Not Email: Always confirm wiring instructions over the phone. Use the number on the company’s website or business card, not the one in an email.

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Be Wary of Last-Minute Changes: It’s uncommon for title companies to change wiring instructions. If you receive such an email, be suspicious and verify immediately.

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Double-Check Details: Ask your bank to confirm not only the account number but also the name on the receiving account before transferring any funds.

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Verify the Transfer Immediately: Call your title company or real estate agent to confirm that the funds were received. If you detect an issue within 24 hours, there’s a higher chance of recovering your money.

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Forward, Don’t Reply: Instead of replying to suspicious emails, hit “forward” and manually type the email address. This reduces the risk of replying to an imposter’s similar-looking email.

By staying cautious and verifying all communications, you can help ensure your homebuying process stays on track, and your money stays safe.

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