What Is Wire Fraud and How to Avoid It
Wire fraud is one of the most serious threats in today’s real estate market, and it affects buyers at every price point—from those purchasing their first condo in Kirkland to those closing on homes across Bellevue, Redmond, Woodinville, Seattle, and the Greater Puget Sound. Criminals use increasingly sophisticated tactics to trick buyers into sending their closing funds to fraudulent accounts.
The good news? With the right precautions, wire fraud is completely avoidable. Here’s what you need to know to stay safe during your home purchase.
WHAT IS WIRE FRAUD?
Wire fraud occurs when a criminal impersonates a legitimate party involved in your real estate transaction—your agent, lender, escrow officer, or title company—in an attempt to steal your closing funds. They typically do this by sending a fake email that looks real, instructing you to wire money to the wrong account.
Once money is sent, it’s often impossible to recover.
This is why awareness and prevention are critical.
COMMON WIRE FRAUD TACTICS
1. Email Spoofing
Fraudsters create email addresses nearly identical to real contacts (e.g., “ginam@wíndermere.com” with a hidden accent mark).
2. Fake Wiring Instructions
Scammers send urgent, unexpected wiring instructions claiming there was a last-minute change.
3. Hacked Email Accounts
Sometimes criminals intercept messages from a hacked inbox and insert fake instructions at the perfect moment.
4. Pressure and Urgency
Criminals often use phrases like:
“Funds must be sent immediately to avoid closing delays.”
Real professionals do NOT use high-pressure tactics.
HOW TO AVOID WIRE FRAUD
1. Always Confirm Wiring Instructions by Phone
Never rely solely on email.
Always call your escrow/title company using a verified phone number from their official website—not the number in the email.
2. Never Use Email to Change or Confirm Wiring Instructions
No legitimate party in your transaction will send last-minute changes by email.
If you receive new instructions this way, assume they are fraudulent.
3. Use Two-Step Verification When Sending Funds
Before you wire funds, verbally confirm:
the account number
the routing number
the exact amount
Title companies expect you to call—they prefer it.
4. Protect Your Email Accounts
Enable:
strong passwords
two-factor authentication
secure Wi-Fi when communicating about your closing
Most fraud begins through hacked email accounts—not through agents or title companies.
5. Be Skeptical of Urgency in Emails
Fraudsters create panic to get you to act quickly.
If something feels off, pause and verify.
6. Know That Wiring Instructions Rarely Change
Title companies almost never update wiring instructions mid-transaction.
Treat any emailed change as a red flag and verify in person or by phone.
7. Never Click Suspicious Links or Attachments
If an email looks “slightly odd,” trust your instincts.
Do not click links, download attachments, or respond until verifying with your team.
FAQ
Is wire fraud really common?
Unfortunately, yes. It happens in every state and across all price ranges.
Do title companies have safeguards?
Yes—but buyer awareness is still the strongest defense.
What should I do if I receive suspicious instructions?
Call your escrow officer or call me immediately. We verify everything together.
If you're thinking about buying a home in Kirkland, on the Eastside, or anywhere in the Greater Puget Sound, I’m here to help.
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