Real Estate Resources

Your Guide to Avoiding Wire Fraud

Want to Stay Protected?

Although buying a home is an exciting occasion, it's always important to be aware of potential scams that could come up along the way. If you don't know much about wire fraud, don't worry—you're not alone. However, with the right resources on your side, it's easy to notice potential red flags.

If you're searching for an agent that will keep you protected during the buying process, the Advantage Realty Team is here to help. Your safety is our top priority, and we're always available to answer your questions and address any concerns.

Wire Fraud, Explained.

What do you know about wire fraud? Believe it or not, many buyers don't know the consequences of this costly scam. In the world of real estate, wire fraud involves someone posing as an agent and requesting large amounts of money via a wire transfer, which is often how buyers pay for their home at closing.

Although wire transfers are secure, hackers often prey on buyers by posing as trusted people, such as attorneys or agents. Luckily, there are steps you can take to protect yourself and your savings—and it's not as hard as you might think.

How to Spot Wire Fraud

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Sudden Changes

Before closing on your home, your agent or attorney will likely send instructions for your wire transfer. However, hackers can pose as someone you trust by sending an email from your agent's account. They may request last minute changes, such as a new routing number or transfer recipient—and that should raise a big red flag. When in doubt, give your agent a call to verify that it's really them.

Unfamiliar Numbers & Emails

Not sure if it's really your agent trying to contact you? That means it's time for some detective work. Instead of going by the display name on someone's email, be sure to click on it and verify the actual address. You may also want to investigate any numbers or details provided in the email. If they differ from what your agent originally gave you, it's best to think twice before responding.

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Lack of Communication

It's no surprise that home closings can run on a tight deadline. A potential hacker may send an email requesting a rush transfer, and they'll often refuse to speak on the phone if you have any questions. Even though that email might seem urgent, going through with the transfer is usually not worth the risk. Instead, try contacting your agent—chances are, it's just a scam.

Go With Your Gut

There's never any harm in going with your gut, especially if something doesn't seem right. After all, when you're dealing with one of the biggest purchases you'll ever make, you can't be too cautious. Be sure to thoroughly analyze any written communication you receive throughout the buying process, and if you have any questions, reach out to a professional you can trust.

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Buy Your New Home With Confidence

If it's time to start your home search, only trust the right team that will keep you safe and get the job done right. The Advantage Realty Team is here to help you navigate the ins and outs of the buying process, and we're excited to team up and jumpstart your real estate journey. Feel free to check out our buyer resources and drop us a line to take your next steps!