Since 2015, the National Association of Realtors has made a point to warn consumers and Realtors alike about the dangerous and sophisticated use of wire fraud scam targeted towards home buyers. Unfortunately, criminal activity involving this type of scam has not slowed down since that time.
Wire fraud scams are still a serious problem but you can protect yourself by being aware of how the scam works.
The Wire Fraud
The layout of the Scam: In this scenario, you are a buyer almost ready to close on your new home when an email arrives. The email will mention correct details about the title and will instruct you to wire the cash to a bank account. However, the account most likely belongs to criminals. They have stolen or hacked the title information. If you fall for their scheme you will lose your money and your new home.
How to Avoid the Wire Scam: Never wire your payments until you have read all of the instructions provided by your title company. You will need to CALL the number provided on the packet (and your agent) if you receive any emails that advise of a change or new instructions.