Wire fraud in real estate is one of the fastest-growing threats to buyers and sellers today. Criminals have learned how to slip into the closing process, tricking people into wiring money to fraudulent accounts.

According to the FBI, losses tied to real estate wire fraud skyrocketed from just $9 million in 2015 to more than $446 million in 2022. On average, victims lose over $100,000 each time. Nearly 1 in 20 buyers and sellers report being affected — with first-time buyers being three times more likely to fall victim.

The good news? You can protect yourself with awareness and a few simple steps.

Be WireSafe: 4 Steps to Protect Yourself

To help our clients avoid scams, we use the WireSafe program. Follow these four steps every time you’re wiring funds in a real estate transaction:

1. CALL, DON’T EMAIL

Always confirm wiring instructions by phone before sending money. Use the phone number listed on your closing agent’s official website or business card. Never trust numbers from emails — they may belong to scammers.

2. BE SUSPICIOUS

Title companies rarely change wiring instructions. If you get a last-minute email saying the bank account has changed, treat it as a red flag.

3. CONFIRM EVERYTHING

Ask your bank to double-check the account number and account name before sending funds.

4. VERIFY IMMEDIATELY

After you wire money, call your closing agent right away to confirm they received it. If something went wrong, quick action can make all the difference.

Remember: inquire before you wire. Be WireSafe.

Why Wire Fraud Matters in Real Estate

  • Big losses: Victims often lose their entire down payment or closing funds.
  • Email is the weapon: Scammers hack or spoof email addresses to look legitimate.
  • Recovery is rare: Once money is sent, it’s often gone for good.

FAQs About Wire Fraud in Real Estate

1. How common is wire fraud in home sales?
Nearly 1 in 4 consumers are targeted with fraud attempts during closing, and about 1 in 20 fall victim.

2. Who is most at risk?
First-time buyers and older adults (55+) are most vulnerable.

3. What should I do if I think I’ve been targeted?
Call your bank immediately, notify your closing agent, and file a report with the FBI’s Internet Crime Complaint Center (IC3).

Final Thoughts

Wire fraud is real, and homebuyers and sellers are the biggest targets. But with the right precautions, you can protect your hard-earned money. Following the WireSafe steps will keep you safer during closing — and give you peace of mind.

If you’re buying or selling and want a trusted real estate professional to guide you safely through the process, I’d love to help. Together, we’ll make sure you’re not only finding the perfect home with a story, but doing it securely.