There are plenty of moving parts to consider when closing on real estate. One, however, that can truly ruin the experience is wire fraud. Buyers can lose the money they saved their whole lives and were using to purchase the property and not gain title to the property they planned to buy. Hackers trick homebuyers into sending their closing funds to a fraudulent account or act as if they are the title agency confirming details for an upcoming closing to gain access to your personal information.

Real estate wire fraud is surprisingly easy to pull off. Hackers convince buyers to send closing costs via wire transfer instead of bringing the money to closing. They often break into the email accounts of the buyer’s real estate agent or the title company to gather intel about upcoming closings so that they are well versed with the closing details and when they ask you for information pertinent to the closing – account numbers, social security numbers, etc. – they seem authentic.

Be wary of last-minute changes in plans for closing costs—things like new amounts and different accounts that the money should be wired. Once the money has been wired, the hacker can access the money you sent to the “fake” account and transfer it to a new account. If you get a request like this, ALWAYS pick up the phone and call the title agency. Double-check everything! Do not use phone numbers included in the email or click on any links. Look the phone number up yourself to ensure you are actually calling the title company handling the closing. Clicking on links in your email can allow hackers to gain access to your computer to search for personal information.

Red flags to watch for: email messages with new transfer instructions; contact from someone that you have not dealt with during the process; email contact from your agent or title company staff from an email address you haven’t seen before; erroneous text or emails that don’t have the same signatures and warnings at the bottom; an email requesting personal information that you’ve already given; a message asking you to click on a link; or odd-looking attachments.

If you suspect that someone is attempting to divert funds fraudulently, call to verbally verify closing instructions with the title agent and your realtor; discuss best means for communication early on in the process, and then if you receive a text out of the blue, you’ll know to follow up with a phone call; monitor the status of your wire transfer; never send confidential via email; do not use free WiFi; don’t open attachments or links; only provide personal information if there is a security certificate – an “s” on the address (HTTPS://)

If you think you have been the victim of wire fraud, report it immediately. It is extremely difficult to get your money back from a hacker, but the sooner the authorities look into it, the higher your chance of regaining any lost funds will be.

Working with a reputable title company you can trust is the first step you can take to avoid wire fraud when closing on a property. Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to the residential and commercial real estate markets throughout the State of Florida. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.