Criminals are stealing down payments via wire fraud and are using techniques such as phishing to trick you into clicking on links. They then wait for a transaction to occur and bait you into a wire transfer. Others will pose as a trusted individual or entity – an attorney, a government agency, etc. – and exploit that trust to persuade you to engage in a wire transfer.

You can avoid being a victim of wire fraud by following these three steps:

1. Pay close attention to how wire instructions are sent. It is best to only accept instructions that are secure and encrypted.
2. Before wiring funds, call to verify the source of the request and instructions via phone or in person. Obtain the phone number for the closing agent with a web search.
3. Be watchful of any changes. Wire instructions rarely change. If you receive an email saying that any wiring instructions have changed, call your real estate agent or title company immediately to confirm.

Reviewed July 2023

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.