Wire Transfer Fraud

Understanding the Risks of Wire Diversion Fraud

If you are about to purchase real estate, or if you are a real estate agent, attorney or lender who works with purchasers of real estate, stop what you’re doing and read this article!

Wire transfer fraud or wire diversion fraud has been and continues to be an emerging and serious threat to real estate transactions across the country.  We have seen many attempts, and some actual losses, that have occurred because a buyer was tricked into sending their life savings to a fraudulently construed bank account.  Most often, the fraudsters mimic the look and content of various email accounts belonging to parties to the transaction.  Many times they will send and resend their own emails to add to the subterfuge.  This article gives a good example of how these frauds are often carried out and what you can do to protect yourself and your client from losing their funds.


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