Buying a home is an exciting milestone — but it’s also a time when scammers take advantage of large financial transactions. One of the costliest scams targeting home-buyers is bank wire fraud, which can happen at any stage of the home‑buying process, particularly when down payments or closing costs are being sent.
Wire fraud often starts when a criminal hacks or spoofs an email account belonging to a real estate agent, lender, or title company. The fraudster quietly monitors email conversations and waits until just before closing. Then, the buyer receives what appears to be a legitimate email claiming there has been a “last‑minute change” to wiring instructions.
Because the message looks authentic and the request feels urgent, buyers may send funds without realizing they’ve been diverted to a fraudulent account. Wire transfers move quickly, and once the money is sent, it can be extremely difficult — or impossible — to recover. These scams can result in significant financial loss and stress for everyone involved.
How You Can Protect Yourself
Taking a few added precautions can help keep your funds safe:
- Never rely on email alone to receive or confirm wiring instructions.
- Always verify wiring details by phone, using a trusted number you already have — not one provided in an email.
- Be cautious of messages that pressure you to act quickly or warn against double‑checking.
- Ask early in the process how wiring instructions will be shared and confirmed, and stick to that plan.
- If something doesn’t feel right, pause and verify before sending money.
If You Suspect Wire Fraud
If you believe you’ve received fraudulent wiring instructions or have already sent funds, act immediately by contacting CEFCU at 1.800.542.3328. You should also report the incident to the Federal Trade Commission at ReportFraud.ftc.gov.
Buying a home should be about starting a new chapter — not facing an unexpected loss. Staying alert and verifying wire instructions can make a critical difference in your home-buying experience.
