Definition
This is a growing security concern where scammers impersonate agents or attorneys and send fraudulent wire instructions directing your closing funds to the wrong account. Education and verification prevent losses.
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Find my pathAbout this term
Wire fraud targeting closing funds is increasing concern. Scammers impersonate agents/attorneys directing funds to fraudulent accounts. Prevention includes: call to verify wire instructions, multi-factor authentication, confirmation calls. Never trust email alone for wire instructions. Call numbers from known contacts. Title companies implement anti-fraud measures. Funds sent to wrong accounts are difficult/impossible to recover. Insurance may not cover wire fraud losses. Vigilance is critical to prevent loss.
Pro Tip
Always call to verify wire instructions using known phone numbers. Never trust email alone.
Example
Wire fraud prevention saved $50,000 when funds were nearly sent to fraudulent account.