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Wire Fraud in Real Estate Transactions



In 2021, losses from cybercrime in the real estate/rental category reached $350,328,166 according to the latest FPI Internet Crime Complaint Center's report.


As fraud becomes more prevalent, here are some things you can do to help yourself and your clients.


  • Use a secure platform

  • Confirm wire instructions with your clients

  • Verify the wiring process with your vendors

  • Make sure you always ask for and receive your Federal Wire Reference Number

  • If you or your client are victims of wire fraud, notify the bank immediately!


Wire fraud may seem like a shameful event, so sometimes we keep the story and the warnings to ourselves. If you or your client are victims of wire fraud, get your story out, listen to others, share their stories too, and learn from their mistakes.


To read the full article, click the link here:


By Michelle Esparza

Private Lender, The Official Magazine of AAPL

Summer 2022 (Q3), p.20-23

Published on July 5, 2022

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