What you can do to detect and avoid getting scammed by wire fraud.

Today I’ll talk about wire fraud. If you’re a buyer in the middle of purchasing a home and you receive an email from your escrow officer with wiring instructions, be careful.  Everything might look legit, including the email signature, but many people get tricked into wiring thousands of dollars only to find out that the escrow officer never received it.

This recently happened to one of my buyers. She received a seemingly legit email with wiring instructions, so she went to the bank and wired almost $600,000. Had our escrow officer not caught it that same day, that money would have been gone forever. Luckily, the bank was able to freeze the funds. The wire didn’t go through, but it did delay our closing.

“Many people get tricked into wiring thousands of dollars only to find out that the escrow officer never received it.”

It doesn’t happen every day, but wire fraud is real, so make sure you double-check any wiring instructions. Always call your escrow officer and verify those wiring instructions. Make sure you call the number on your contract and not the one on the email address. You can also click on the sender’s name and verify that the email address actually is the correct one.

For any of your real estate needs, please give me a call. If you have friends or family looking for a professional realtor, please share my information with them. I’m here to help you reach your real estate goals.