Mortgage Closing Wire Fraud: A Stop, Call and Verify Checklist for Homebuyers
Closing week is busy. Buyers are reviewing documents, coordinating movers and preparing to transfer funds. That sense of urgency is exactly what a scammer may try to exploit. The Consumer Financial Protection Bureau warns that criminals target homebuyers near closing by sending false wiring instructions. A scammer may pose as a real estate agent, lender, settlement agent, attorney or another trusted person in the transaction. How the scam can look real A fraudulent message may use familiar names, logos, email formatting and transaction details. It may say that wiring instructions changed or that funds must be sent quickly to avoid delaying closing. The message can look polished. That is why visual appearance is not enough to establish that it is legitimate. Set up verification before closing week The CFPB recommends identifying trusted people involved in the closing and recording their contact information in advance. Buyers can ask the title or settlement professional how wiring instru...