Purchasing or selling a home is one of the largest financial transactions most people will ever make. Today, much of that process happens online. For many buyers and sellers, it may also be the first time navigating a complex, fast-moving transaction—one that can be exciting, emotional, and unfamiliar.
That’s where scammers try to step in. Wire fraud uses electronic communication to trick consumers into sending money to cybercriminals. In real estate, criminals often infiltrate email accounts, watch a transaction unfold, and strike when closing funds are about to be transferred. They may send an email that looks legitimate—complete with familiar names and logos—announcing “updated” wiring instructions or a sudden change in payment method.
According to the FBI’s Internet Crime Complaint Center (IC3), reported losses from wire fraud totaled $446.1 million in 2022. As technology evolves, so do these schemes, which is why consumers and real estate professionals must stay vigilant.
Fortunately, there are steps you can take to protect yourself. Staying in close communication with your REALTOR® and title or closing company throughout the process is key. Before any money moves, make sure you know exactly how wiring instructions will be shared and verified. If you receive an email with wiring details—or a message claiming those instructions have changed—always confirm them in person or by calling a trusted phone number you already have on file. Never rely on numbers or links included in a new or unexpected message.
It’s also important to watch for subtle red flags. Check email addresses carefully, looking for misspellings, extra characters, or small changes in domain names. Be wary of urgent or last-minute changes, as legitimate partners rarely switch payment details without warning. If something feels unusual, pause and verify before proceeding.
And if you suspect fraud, act immediately. Contact your bank to try to stop the transfer, then report the incident to the FBI’s Internet Crime Complaint Center (IC3) and notify your REALTOR® and closing company.
Buying or selling a home should be a milestone worth celebrating. With clear communication, careful verification, and a healthy dose of skepticism toward unexpected messages, you can keep your transaction secure and your hard-earned money where it belongs.
Collyn Wainwright is president of Greater Nashville REALTORS®. A REALTOR® is a member of the National Association of REALTORS® who subscribes to its strict code of ethics. You can reach Collyn at 615-383-6964 or collyn@collyn.com.
