Before You Wire: How to Protect Your Money from Wire Fraud
Wire fraud is something everyone should be aware of, but it is especially important to understand if you are buying a home or moving a large amount of money.
Unfortunately, scammers are getting very good at making fake emails, websites, and messages look legitimate. They may impersonate your lender, title company, real estate agent, or someone else you’ve been communicating with throughout your transaction.
One of the biggest scams involves fake wire instructions.
How does wire fraud happen?
A scammer may gain access to an email account or “spoof” an email address so it looks like the message is coming from someone you know. They can then send new wire instructions and make the request seem urgent.
The email can look completely legitimate using the correct name, logo, and signature, which makes these scams so dangerous.
The problem is that once money is wired to a fraudulent account, getting it back can be extremely difficult.
Slow down before you send money
If you receive new or updated wire instructions, do not simply reply to the email or use the phone number included in the message to verify them.
Instead, contact the person or company using a phone number you already have and trust. Verify the account information and make sure the instructions are legitimate before sending any money.
Even if the request seems to come from someone you’ve been working with, take the extra step to verify it.
A few simple ways to protect yourself
- Be cautious of last-minute changes to wire instructions
- Don’t click suspicious links or open unexpected attachments
- Verify wire instructions by phone using a trusted phone number
- Don’t rely on an email alone to confirm where money should be sent
- Be especially careful when a request seems urgent or says you need to act immediately
- If something doesn’t look or feel right, stop and ask questions
Cybercriminals are constantly changing their tactics, but one thing they count on is people acting quickly without stopping to verify the request.
When it comes to wiring money, taking a few extra minutes to authenticate the information could save you thousands of dollars in the long run.
If you are ever unsure about a request involving your mortgage transaction or funds, stop before sending the money and contact the appropriate parties directly.
Think You May Have Encountered Fraud?
If you receive a suspicious email, believe your account may have been compromised, or have questions about potential fraud, contact our Fraud Department.
Visit our Fraud & Security Contact page for more contact information and to report a concern.
For your protection, please do not include sensitive information, such as account numbers, Social Security numbers, or passwords, in an online message.