REALTOR | Broker Associate at West + Mains Homes
Pricing Strategy Advisor • Certified Negotiation Expert
COLORADO REAL ESTATE LICENSE #FA100021816
2010 Youngfield Street, Lakewood, CO 80215
Avoiding Wire Fraud
Wire fraud is a real threat in real estate transactions. Scammers target transactions and cleverly impersonate your agent, lender, or title company to try to trick you into sending funds to the wrong account. One wrong click could cost you your down payment, or your home sale proceeds. Here’s what buyers and sellers needs to know:
⚠️ Always Obtain and Verify Wire Instructions by Phone ⚠️
Non-negotiable. Always call the escrow officer handling the transaction using their publicly published phone number to verbally confirm instructions before sending money. Never trust wiring instructions received by email alone and be extraordinary suspicious of wiring instructions changing for any reason. They virtually never do. If you receive instructions that the title company's wiring information has changed, you're dealing with a scammer. Do not wire money to them!
Watch for Typical Scammer Red Flags
Email addresses that look almost right but are slightly off (i.e., .net instead of .com, a 1 instead of an "l" in a name). Last-minute changes to wiring instructions. Requests to wire money to personal accounts instead of directly to the title company. All of these are blatant flags of attempts at wire fraud.
Digital Health + Email Best Practices
Use strong, unique passwords. Enable two-factor authentication. Be careful when checking email on public Wi-Fi networks and avoid if possible. Wire fraud can only start after a hacker successfully breaks into one party's account.
Act Quickly
If you suspect fraud, contact your bank immediately. Notify your real estate agent and escrow officer too. A quick phone call can save you tens or even hundreds of thousands of dollars.
Bottom Line: Wire fraud is real and sophisticated, but preventable. Stay vigilant, verify everything by phone via a trusted number, and never let a scammer pressure you into making rushed decisions when sending money.
I take client education seriously, guiding buyers and sellers through every step of the process. Call me today for a consultation and make your next move with confidence.