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What is wire fraud?

Wire fraud is fraud committed using electronic communications such as a telephone, computer, etc. It is a serious federal crime that can lead to prison time and fines. 

Wire fraud in real estate is called mortgage fraud. Scammers pretend to be agents and intercept when money is being transferred. They hack into the agent’s email and create a fake email posing as an agent. This technique is called phishing. When it is time to pay closing costs the hacker will attack. You would receive an email with different wiring instructions and the money would go straight into their account instead. To avoid wire fraud, you should:

  • Ask and write down everyone’s contact information involved in the closing process
  • Know and understand your closing process
  • Do not email anyone your personal information
  • Call and confirm with your agent if you get an email or phone call about any changes

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