How To Protect Yourself From Wire Fraud During Closing

Warning: Wire Fraud in Real Estate Closings is on the Rise

According to the FBI, real estate fraud exceeded $213 million in 2020 in the United States alone.

The most typical way a scammer will engage in wire fraud will be to impersonate parties in a real estate transaction by hacking emails or sending messages to attempt to make last minute changes to wire instructions or bank account information in order to get funds sent to their own bank accounts.  

How Can You Protect Yourself From Wire Fraud During the Real Estate Closing Process?

  • Do not use an outdated email service like or  These providers do not have updated security and by using these types of email domains you leave yourself vulnerable to attacks.
  • Be sure to read the warnings on documents sent to you by your real estate agents and attorneys about steps to be taken during the process to secure your funds.  
  • Use encrypted email and multi-factor authentication on your apps.
  • Before wiring any money, be sure to call the intended recipient to verify the wire instructions.
  • Never use the phone number or email address printed on the wire instructions themselves as they too could be fraudulent.  (Use a second form of contact found on an official website.)   
  • Beware of last minute changes.  One common fraud scheme is to send new wiring instructions at the last minute, hoping victims will follow the fraudulent instructions in the rush to close the deal. Be highly suspicious of any changes to wiring instructions.

Speak With A North Carolina Real Estate Lawyer Today 

As we navigate the complexities of real estate transactions, it’s vital to remain vigilant against potential wire fraud. It’s important to adhere to these best practices—secure your communications, verify wire instructions, and remain skeptical of last-minute changes.  This proactive approach is your strongest defense against the unfortunate reality of wire fraud in our digital age. 

The team at WZ Law Group stands ready to assist you, providing advice and support at every stage of your real estate journey.