Real Estate Wire Scams Put Florida Homebuyers’ Down Payments at Risk

Real estate wire fraud can cause buyers to lose an entire down payment in a matter of minutes. Scammers may access the email account of a title company, lender, attorney or real estate professional and monitor communications about an upcoming closing. After learning the property address, payment amount and closing date, they send the buyer a convincing message containing false banking instructions.

Because the email may include accurate transaction details and appear to come from a trusted professional, the buyer may transfer the money without realizing that the account belongs to a criminal. Once the funds are moved through other accounts, recovery can be extremely difficult.

Florida buyers should never rely only on wiring instructions sent by email. Before transferring money, they should call the title company using a verified telephone number and confirm all banking information. Any last-minute change or urgent request should be treated as a warning sign. For more information, click here.