How Scammers Trick New Homebuyers with Wire Fraud
September 2, 2018
Follow these simple FBI recommended steps to protect yourself from fraudsters.
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Wire fraud in real estate involves scammers intercepting or redirecting funds during transactions, often by compromising email communications between parties.
Alarming Statistics
In Q1 2025, wire-related errors were present in 8.4% of real estate transactions, marking the sixth consecutive quarter with over 8% in this category. Additionally, 47.7% of transactions had issues related to Closing Protection Letter (CPL) validation, indicating significant vulnerabilities in the system.
These fraud schemes are becoming rampant and everyday these criminals become more and more sophisticated. By engaging in routine, seemingly harmless communication, criminals bait users into giving their personal information or clicking a link that allows hackers to steal log-in information and passwords. Typically, a method called phishing in the form of email messages, website forms or phone calls is used to fraudulently collect personal information. When this personal information is obtained, the target is set and often times is used in attempts to gain access to wiring of funds.
Don’t become a victim of wire fraud! Education is key to prevention. This page’s purpose is to give you the knowledge and tools needed to recognize wire fraud attempts.
Follow these simple FBI recommended steps to protect yourself from fraudsters.
Combat cyber crime. 10 steps to improve cybersecurity as an individual broker or agent as well as policies for your entire organization.
Federal authorities have announced a major crackdown on BEC scammers who are trying to intercept and hijack down payment wire transfers.
What’s important to remember is that even with all the internet protections available today, humans are the primary targets and often the weakest link. The best defense is to be aware and prepared.
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