Wire Fraud in Real Estate is on the Rise – How to Protect Yourself
Posted by Gwinn Volen on
by Karen Tyrrell
Buying a home is no question one of the largest financial decisions individuals and families will make. Unfortunately, it has also become a prime target for cybercriminals. In recent years, wire fraud in real estate transactions has skyrocketed, leaving many homebuyers and sellers devastated.
Scammers often pose as real estate agents, title company representatives, or lenders. They send fake emails or texts with fraudulent wiring instructions, tricking buyers into sending their down payment or closing funds to a criminal's bank account. Once the money is sent, it’s often impossible to recover.
How Wire Fraud Happens
Email hacking: Criminals hack into a real estate agent’s or title company’s email account and monitor…
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