Real Estate Resources

The Dangers of Wire Fraud

Protect Yourself and Your Assets

Buying a home is a huge financial decision, and it's crucial to be aware of potential risks and scams. Wire fraud is one of the worst crimes out there, and it comes with some pretty devastating consequences. However, if you know what to look for, it's easy to spot the red flags.

Want to stay protected during a transaction? Let Amore Real Estate help you navigate the entire buying process from start to finish. Your safety is our top concern, and we're here to answer any questions you might have.

What is Wire Fraud?

If you're unfamiliar with wire fraud, you're not alone. In the world of real estate, this scam involves someone posing as an agent or lender and requesting large amounts of money via a wire transfer, which is often how buyers pay for their home at closing.

It's almost impossible to reverse a wire transfer, and it's hard to know if you've lost your money before it's too late. Recent FBI investigations estimate that over $1 billion dollars has been stolen via real estate wire fraud in the last few years, but there are still ways to protect yourself.

What to Watch Out For

Sudden Changes

Before the day of your closing, your real estate agent and attorney will sit down with you and let you know how to handle your wire transfer. Hackers often catch buyers off guard by assuming the identity of someone they trust, so it doesn't seem unusual when they request sudden changes for the transfer. If someone emails you and asks for a different routing number or wire recipient, give your agent a call—something might not be right.

Unfamiliar Numbers & Emails

It might be hard to tell if someone is pretending to be your agent, especially via email. However, you can keep yourself safe from hackers and verify your agent's identity by double-checking their email address and reviewing any suspicious account info. If it's different than the details you were originally given by your agent, you may want to think twice. When in doubt, give them a call to verify that the email is really from them.

Lack of Communication

Closing on a home can be a stressful and time-sensitive process, and many hackers use this to their advantage. If you receive an email requesting a rush transfer, it could be a scam, especially if your "agent" mentions that they can't or won't speak via phone. Instead of getting flustered, just reach out to your agent and ask about it—chances are, that email probably wasn't from them.

Go With Your Gut

If a situation doesn't feel quite right, there's no harm in going with your gut. When you're dealing with some of your biggest assets, it's important to stay vigilant and protect yourself as best as you can. Remember—there's a lot of written communication that goes into buying a home, so you'll want to stay on top of things and ask plenty of questions.

Buy Your New Home With Confidence

Searching for the right agent to help you tackle all aspects of the buying process? Finding your dream home shouldn't be a scary process, and that's why Amore Real Estate is here to keep you safe every step of the way. For more info on wire transfers and potential real estate scams, feel free to drop us a line. We're always available via phone or email!