Position Realty · Buyer and seller
How Do You Keep Your Closing Money From Being Stolen?
A criminal can send a convincing message that appears to come from your agent, escrow officer, lender, or title company. One false account number can send your deposit, closing money, or sale proceeds to the wrong place.
What does a real estate wire scam look like?
A criminal may imitate an email address or take over a real account, quietly watch the transaction, and wait until money is about to move. The criminal then sends different account information or a last-minute change that looks as if it came from someone you already know.
The message may use the right names, property address, amount, logo, signature, and email history. It may also give you a telephone number that reaches the criminal. Familiar details do not prove the payment instructions are authentic.
Save a trusted number before anyone asks you to send money
Get the escrow or settlement company’s telephone number from a source you independently trust—for example, a verified company website, a number you confirmed in person, or a number already established before payment instructions arrive. Save the name and number of the person who is authorized to confirm the transfer.
Call that trusted number and read every important detail back
- Who is receiving the money?
- What bank, routing number, and account number are being used?
- What exact amount should be sent, and what transaction or escrow number identifies it?
- Has any instruction changed since it was first verified?
Treat every changed instruction as unverified
Do not use the reply button, link, or telephone number inside a message that announces a change. Return to the trusted number you saved and ask the known contact to verify the change. Urgency, secrecy, or pressure to act before you call is a reason to verify—not a reason to skip verification.
What if you think the money went to the wrong account?
Act immediately. Contact your bank or wire-transfer company and ask it to stop or recall the transfer. Then contact the real escrow or settlement company and your brokerage through independently verified numbers. Preserve the messages and report the incident to the FBI’s Internet Crime Complaint Center at IC3.gov. Recovery is not guaranteed, and delay can make it harder.