Wire fraud is becoming more prevalent and has accounted for millions of dollars in losses in the real estate industry. Fraudsters will hack into e-mails during the course of the real estate transaction and impersonate the attorney, real estate agent, lender or title agent. The hacker will create a very similar e-mail address, and even use logos to make the e-mail seem authentic. The hacker will intercept wiring instructions and change them, forwarding on the fraudulent wiring instructions to the unknowing homebuyer.
Before you wire your closing funds to any party, we recommend that you:
Call the party to whom you are wiring your funds at a known number and verbally confirm the wiring instructions.
Be wary of any change in wiring instructions. If you receive a change in wiring instructions by e-mail, call the party at a known number to confirm the change.
Call to confirm that your wire has been received shortly after sending it.