Wire Fraud Advisory
An advisory warning buyers about the risk of wire fraud in real estate transactions and providing guidance on how to verify wire transfer instructions.
When Its Used
Provided to buyers at the beginning of the transaction, typically with the purchase agreement. Should be reinforced when the buyer is preparing to wire earnest money or closing funds.
Key Sections
Description of wire fraud schemes; How to verify wire instructions; Red flags to watch for; Recommended verification procedures
Common Mistakes
Not providing until close to closing; Treating it as a formality rather than an educational opportunity; Not following up verbally about wire safety
Pro Tip
Always call the escrow officer using a verified phone number to confirm wire instructions. Never trust wire instructions received via email without verbal confirmation.
