Cyber Security

Hackers have learned to exploit the real estate closing process to steal millions of dollars from people buying or selling a home. These four rules help protect you.

Rule 1: Always question emails that contain wiring instructions.

If you receive wiring instructions by email, treat them as suspect — even if they appear to come from someone you trust.

Rule 2: Always call before sending any money.

When you receive instructions on where to send money prior to closing, always call your contact person at the title company to verify. Then call your bank to verify as well.

Rule 3: Always call after sending money.

It’s always a good idea to call right after money is sent. That way, you can verify that it was received by the correct recipient.

Rule 4: Act immediately if anything seems unusual.

Contact your bank, mortgage company, and title company immediately if anything is in question. If something is wrong, you may need to contact your local FBI office.

How your money gets stolen

1. Hacked email — Hackers get access to the email account of someone involved in the transaction: the buyer, seller, real estate agent, mortgage lender, or title agent.
2. Email from hacker — The hacker then emails that person to change the wiring or payment instructions without the knowledge of the other parties.
3. Consumer pays wrong account — If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
4. Closing day — By the time closing day arrives and the mistake is realized, the funds are often long gone.

What the numbers show

The FBI’s Internet Crime Complaint Center (IC3) tracks fraud reported by the public. In its 2025 report, business email compromise — the kind of email impersonation described above — drew 24,768 complaints and about $3.05 billion in reported losses, up from about $2.77 billion in 2024.

Figures from the FBI IC3 2025 Internet Crime Report. Newer reports may show different numbers.

If you think you’ve sent money to the wrong account

1. Call your bank immediately. Ask them to recall the wire. Time is critical — the sooner the bank acts, the better the chance of stopping the money.
2. File a complaint at ic3.gov, whatever the amount. The FBI’s Recovery Asset Team works with banks to try to freeze stolen funds.
3. Call your title company and your lender at phone numbers you already know, so they can alert everyone involved in your closing.

This is general information, not legal advice. Talk to your attorney.