In the last couple of years, we have seen a major uptick in wire fraud attempts. Wire Fraud, as defined by Merriam-Webster, is fraud committed using a means of electronic communication (such as a telephone or computer).¹ How does this come into play when you’re buying a home? Wiring money is a standard part of the mortgage process. Both you, the borrower, and we the lender, wire money during the closing of a loan.
So, to protect yourself: Any time you are given wire instructions, please call back to confirm. If you get an email from someone you’ve never heard of, call to confirm. If you get an email with the wire instructions in the body of the email, rather than transmitted securely in some fashion, call to confirm. Your loan officer or processor helping you close your loan will always be able to help you confirm correct wire instructions.