Buying a home is one of the most exciting milestones for you and your family. It’s also a major investment—and unfortunately, that makes real estate transactions a prime target for scammers. In fact, according to the FBI’s Internet Crime Complaint Center (IC3), annual losses from wire fraud reached $446.1 million in 2022.

The good news? You can protect yourself by staying informed and working with trusted professionals, including a REALTOR®, a member of the National Association of REALTORS®.

What Is Wire Fraud?

Wire fraud is a type of scam that uses electronic communications to trick victims into sending money to a cybercriminal’s bank account.

How Does Real Estate Wire Fraud Work?

Scammers target anyone involved in a home purchase—buyers, sellers, attorneys, title companies, and real estate agents. Here’s how it often happens:

• Cybercriminals hack into email accounts connected to a transaction.
  
• They monitor progress quietly, waiting for the closing stage when large sums of money are about to be transferred.
  
• At the critical moment, they send a fake email that looks legitimate—often complete with company logos and nearly identical email addresses.
  
• The email includes fraudulent wiring instructions that redirect money into the scammer’s account.
  

Because these emails are so sophisticated, even careful buyers can be tricked.

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U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.

• Single Family Closed Sales were down 10.6 percent to 1,770.
• Townhouse-Condo Closed Sales were down 5.7 percent to 429.
• Adult Communities Closed Sales were down 7.5 percent to 49.