Buyers Beware! Real Estate Wire Fraud is on the Rise
Your real estate transaction may be a target for criminals and hackers. Here’s what you need to know…
Real estate transactions are attractive to fraudsters because there are large sums of money exchanged and multiple parties are involved—all sharing sensitive closing information.
A common scam involves impersonation of someone involved in the transaction. Hackers might pose as your real estate agent, a title agency, escrow agent, or another trusted entity. They may send or forward you an email with wire instructions for your closing payments – but the bank details they provide are not for the seller. These emails are convincing and sophisticated and may look legitimate. So how do you protect yourself?
📞 Before you wire funds, always confirm instructions directly with your real estate agent or escrow agent using a known and trusted phone number.
💬 Verify instructions by CALLING, not emailing. Do not click on any links or call the number in the email.
🚨 Report any suspicious activity immediately.
Yamile Lopez, Realtor®, ABR®, CDPE®
Certified Distressed Expert
305-343-9926