Buying a home is one of the biggest financial decisions most people will make. Unfortunately, it is also a time when criminals attempt to take advantage of buyers, sellers, and real estate professionals through wire fraud scams.
The moment you send your closing funds by wire is one of the highest-risk points in the transaction. A single transfer can involve tens or hundreds of thousands of dollars, making real estate closings a major target for cybercriminals.
The good news: wire fraud is often preventable when buyers understand how these scams work and follow simple verification steps.
Here is what real estate wire fraud looks like, the warning signs to watch for, how to protect your funds, and what to do immediately if you suspect fraud.
What Is Real Estate Wire Fraud?
Real estate wire fraud is a scam where criminals impersonate a trusted person involved in a transaction — such as a title company, real estate agent, lender, or attorney — and attempt to convince a buyer or seller to send money to a fraudulent bank account.
Many of these scams are forms of Business Email Compromise (BEC), where criminals gain access to email accounts, monitor conversations, or create convincing fake messages that appear to come from legitimate parties.
Real estate transactions are attractive targets because:
- Large amounts of money are transferred electronically.
- Closing dates and payment timelines are predictable.
- Criminals can monitor email communications and learn transaction details.
- Wire transfers move quickly, making recovery more difficult once funds are sent.
Criminals are also using increasingly sophisticated tools, including artificial intelligence, to improve phishing emails, impersonation attempts, and other fraudulent communications.
The Growing Threat of Real Estate Fraud
According to the FBI’s Internet Crime Complaint Center (IC3), cybercrime continues to cause billions of dollars in losses each year.
The FBI reported:
- More than $20 billion in reported cybercrime losses in 2025.
- More than $275 million in losses from real estate-related fraud involving thousands of complaints.
These numbers include multiple types of real estate fraud, including scams involving impersonation, fraudulent communications, and attempts to redirect transaction funds.
The most important lesson is this:
The sooner fraud is reported, the greater the possibility of stopping or recovering stolen funds.
How Real Estate Wire Fraud Happens
Understanding how these scams work makes the warning signs easier to recognize.
1. The Criminal Gains Access
A criminal may compromise an email account belonging to someone involved in the transaction or create a convincing imitation email address.
2. The Criminal Watches the Transaction
Fraudsters may monitor conversations to learn:
- Buyer and seller names
- Closing dates
- Property information
- Expected payment amounts
- Names of real estate professionals involved
They often wait until the transaction is close to closing before acting.
3. The Fraudulent Request
The criminal sends a message pretending to be a trusted party, often claiming there has been a last-minute change to wiring instructions.
The message may include:
- New bank information
- Urgent instructions
- Fake documents
- A request to keep the change confidential
4. The Buyer Sends Funds
Believing the instructions are legitimate, the buyer wires money to an account controlled by the criminal.
5. The Criminal Moves the Money
Fraudsters may quickly transfer funds through multiple accounts, making recovery more difficult.
The entire scheme depends on one thing:
Convincing someone to trust fraudulent wiring instructions.
Warning Signs Every Florida Buyer Should Know
Treat these situations as a reason to stop and verify:
A Last-Minute Change to Wiring Instructions
This is one of the biggest warning signs. Legitimate companies rarely change wiring instructions during a transaction without additional verification.
Instructions Sent Only by Email
Never rely only on an email for wiring information.
Pressure or Urgency
Be cautious of messages saying:
- “Wire today.”
- “The closing will be delayed unless you act immediately.”
- “Do not call to verify.”
A Suspicious Email Address
Look carefully for:
- Misspellings
- Extra letters
- Different domains
- Slight changes from previous emails
A Bank Account That Does Not Match
The account name, bank information, or instructions should always be verified before sending funds.
Unexpected Attachments
Do not open unfamiliar attachments or click suspicious links, especially when they involve payment instructions.
How to Protect Your Closing Funds
Protecting your money requires a few simple but important habits.
Never Trust Wiring Instructions Received by Email Alone
Treat every wiring instruction — especially any change to previous instructions — as suspicious until independently verified.
Call Using a Verified Phone Number
Before sending funds, call your title company using a phone number you independently confirmed, such as:
- The company’s official website
- A trusted business card
- Previously verified contact information
Do not use the phone number included in a suspicious email.
Confirm the Details by Voice
Speak directly with a verified member of the closing team and confirm:
- Bank name
- Routing number
- Account number
- Any changes to instructions
Confirm Receipt After Sending Funds
After wiring money, contact your title company to confirm that the funds were received.
If something appears wrong, act immediately.
Protect Your Email Account
Because many scams begin with compromised email accounts:
- Enable multi-factor authentication
- Use strong passwords
- Avoid clicking unknown links
- Be cautious with attachments
Be Extra Careful Near Closing
Criminals often target the final days before closing because they know funds are about to move.
Slow down. Verify. Confirm.
What To Do If You Suspect Wire Fraud
If you believe your funds were sent to a fraudulent account, act immediately.
1. Contact Your Bank
Request that they begin a wire recall or recovery process and contact the receiving bank.
2. Notify the Receiving Bank
Ask whether the funds can be frozen before they are transferred.
3. Report the Fraud
File a report with the FBI Internet Crime Complaint Center:
IC3.gov
4. Contact Law Enforcement
Notify your local FBI field office and provide all available transaction details.
5. Notify Your Closing Team
Immediately inform:
- Your title company
- Real estate agent
- Lender
- Other involved parties
Fast reporting may improve the chances of recovering funds.
The FBI’s Recovery Asset Team may be able to assist with certain fraudulent transfers when eligibility requirements are met. However, recovery is never guaranteed, which is why prevention and immediate action are critical.
Who Is Responsible for Wire Fraud Losses in Florida?
This is one of the most difficult questions after a wire fraud incident.
In Florida, responsibility for a wire fraud loss depends on the specific facts of each case, including:
- How the fraud occurred
- Whether security procedures were followed
- Whether any party failed to take reasonable precautions
- The circumstances surrounding the transfer
Buyers should not assume that stolen funds will automatically be restored.
The best protection is prevention: verify every wire instruction before sending money.
This information is provided for educational purposes only and is not legal advice. Consult a qualified attorney regarding any specific situation.
How CrossPoint Title & Escrow Group Helps Protect Your Closing
At CrossPoint Title & Escrow Group, protecting your funds is a priority throughout the closing process.
We use verification procedures designed to reduce the risk of wire fraud, including confirming important wiring information through secure communication practices.
We will never ask you to rely solely on an unexpected email requesting a change to wiring instructions.
If you receive any message about wiring instructions — even if it appears to come from CrossPoint — stop and verify before sending funds.
Call CrossPoint Title & Escrow Group directly at:
(786) 867-7714
Use a verified company phone number, not a phone number provided in a suspicious email.
Your closing deserves protection, attention, and care.
Frequently Asked Questions
What is real estate wire fraud?
Real estate wire fraud is a scam where criminals impersonate trusted parties in a transaction and attempt to redirect closing funds to a fraudulent bank account.
How can I avoid wire fraud when buying a home in Florida?
Never rely only on emailed wiring instructions. Always call your title company using a verified phone number and confirm all wire details before sending money.
What should I do if I sent money to a fraudulent account?
Act immediately. Contact your bank, request a wire recall, notify the receiving bank, report the fraud to IC3.gov, and inform your title company and other transaction parties.
Who is liable for wire fraud losses in Florida?
Liability depends on the specific circumstances of the transaction. Each case is different, and responsibility may depend on how the fraud occurred and whether proper precautions were followed.
Disclaimer: This article is provided for educational purposes only and should not be considered legal, financial, or cybersecurity advice. Closing procedures and responsibilities may vary depending on the transaction and parties involved.