Buying a home is one of the most significant investments you'll make. Unfortunately, it’s also a major target for cybercriminals. In 2024, victims of online crime reported over $16.6 billion in losses, a 33% increase from the year before, according to the FBI's Internet Crime Complaint Center (IC3). A significant portion of that came from wire fraud and Business Email Compromise (BEC)—scams that hit real estate transactions especially hard.
Wire fraud in real estate typically begins with a spoofed email. Scammers communicate with buyers impersonating real estate agents, title companies, attorneys, or lenders and send fraudulent wiring instructions that appear legitimate. Once funds are sent, the scammers quickly move them out of reach.
Stay alert to these warning signs:
• Last-minute wiring changes
• Email addresses that look almost right
• Unexpected urgency to act quickly
• Unusual spelling or grammar errors
• Requests for sensitive info via email
Take these simple but powerful steps to protect your transaction:
Before sending any money, confirm all wiring instructions, including specific banking information, by phone before transferring funds. Use a known, trusted phone number for your closing agent/escrow officer provided on their website or from a business card. Never rely on phone numbers in email communications.
Remember, it’s not common for title companies to change wiring instructions and payment information. Refer to the red flags above to stay vigilant.
Ask your bank to confirm the account number and the name on the account before sending any wire.
Call your closing agent/escrow officer at a known, trusted phone number to confirm the funds were received.
Scammers are sophisticated. They use real names, logos, and domain names that are nearly indistinguishable from the real thing. Even careful buyers, sellers, and professionals have been tricked.
Awareness is the best defense. Ask questions, verify every detail, and never rush. If anything seems off, pause and reach out to your trusted closing or escrow contact before acting.
If you think you may have been the victim of wire fraud, here are some steps you should take. Time is of the essence — every second counts.
• Ask your bank to issue a recall notice due to fraud for your wire
• Ask your bank to reach out to the receiving bank’s fraud department to notify the receiving bank of the recall due to fraud and freeze the account involved.
• Report to the Internet Crime Complaint Center.
• Report the crime to Law Enforcement (Local Police/Sheriff, FBI Field Office, Secret Service)
If you’re ever unsure about wiring instructions or receive unexpected messages, contact your escrow or closing professional directly using a verified phone number. Never use contact information provided in a suspicious email.
Because your investment—and your peace of mind—deserve protection.
Sources:
FBI Internet Crime Complaint Center (IC3) 2024 Annual Report
Educational
The title insurance company worked directly with the taxing authorities to address the unpaid taxes and get the sale cancelled.
The title insurance company paid all the outstanding taxes to ensure the Smiths’ home was safe from foreclosure.
Unlike other forms of insurance, title insurance requires a one-time payment at closing, offering coverage without annual renewals.
The title insurance company stepped in, paid the outstanding HELOC balance, and prevented foreclosure—ensuring Sarah didn't lose her cherished investment.
The title insurer provided experienced attorneys who handled all the legal complexities. Sarah didn’t have to worry about navigating the courts or paying costly legal fees.
Without title insurance, Sarah would have faced the massive expense of resolving the matter and potentially losing her property. Title insurance protected her financial future, preserving 66% of her net worth.
Facing foreclosure is emotionally draining, but knowing she had a trusted ally helped ease the burden. The title insurer took care of everything, allowing Sarah to focus on her life, career, and dreams.
The definitions provided here are for convenience and general informational purposes only. This information is not intended to be, and does not constitute, legal advice. This website and the information provided should not be used as a substitute for the counsel and services of a licensed attorney regarding the applicability of the information to your specific situation or jurisdiction.
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The definitions provided here are for convenience and general informational purposes only. This information is not intended to be, and does not constitute, legal advice. This website and the information provided should not be used as a substitute for the counsel and services of a licensed attorney regarding the applicability of the information to your specific situation or jurisdiction.
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02
The definitions provided here are for convenience and general informational purposes only. This information is not intended to be, and does not constitute, legal advice. This website and the information provided should not be used as a substitute for the counsel and services of a licensed attorney regarding the applicability of the information to your specific situation or jurisdiction.
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Title insurance is one of the most cost-effective types of insurance you can purchase, offering comprehensive protection for a one-time, regulated premium.
In most states, rates are promulgated, meaning they are standardized and set by state authorities to ensure fairness and transparency.
For a relatively low, one-time fee, title insurance safeguards your homeownership rights for as long as you or your heirs own the property, providing peace of mind.
Learn how title insurance has helped protect homeowners.
