For most buyers, the down payment and closing costs are the biggest check they will ever write. That is exactly why criminals target it. Wire fraud at closing is not about hacking your bank. It is about convincing you, a few days before closing, to send your money to the wrong account. This guide explains how the scam works, the habits that stop it, and what to do in the first hour if something goes wrong. It applies to buyers anywhere in Orange, Osceola, Seminole and Lake counties, and to sellers who receive proceeds by wire as well.

Quick answer: never act on wiring instructions you received by email alone. Before you send money, call your title or closing company at a phone number you found independently (their website or paperwork you received at the start of the deal, not the number in the email) and confirm the account details out loud. Then call again after the wire is sent to confirm it arrived.

How closing wire fraud works

The Federal Trade Commission and the National Association of Realtors® describe the same pattern: hackers break into the email account of a buyer or a real estate professional and learn about an upcoming transaction. They then send the buyer a message that looks like it came from the agent or the title company. It says there has been a last-minute change to the wiring instructions and tells the buyer to send closing funds to a different account. That account belongs to the scammer.

The Consumer Financial Protection Bureau (CFPB) adds that these messages can closely imitate the email address, phone number and format of the people you are really working with. Because the scammer has read the real conversation, the message often mentions the correct address, closing date and amount. A message that “knows” your deal is not proof it is genuine.

How common is it?

The FBI’s Internet Crime Complaint Center (IC3) 2024 annual report lists real estate as its own crime category: 9,359 complaints and about $173.6 million in reported losses in 2024. Those are only the cases that were reported to IC3, so they are a floor, not a total, and they cover the whole country rather than Florida alone. The takeaway is simple: this is a documented, recurring crime, not a rare story.

Seven habits that protect your closing funds

  1. Pick two trusted contacts early. The CFPB recommends identifying two trusted people, such as your real estate agent and your settlement agent, and writing down their names and primary phone numbers before closing. Its Mortgage Closing Checklist has a spot for this.
  2. Treat email as unsafe for money details. Email is not a secure way to send financial information. Ask your closing company how they deliver wiring instructions securely, and when, so you know what a normal process looks like.
  3. Verify by phone, using a number you already trust. Do not call the number in the email and do not use a link in the message. Scammers know buyers have been told to “call to verify,” so they include a phone number that connects to them. Use the company’s website or the contact information from your original paperwork.
  4. Verify the account name, not only the numbers. The CFPB advises asking your bank to confirm the name on the receiving account before it sends the wire. A mismatch between the closing company’s name and the account name is a stop sign.
  5. Be suspicious of urgency and changes. A “new account” or “updated instructions” days before closing is the classic warning sign. Real changes happen, but they are confirmed by phone, every time.
  6. Do not open unexpected attachments. The FTC warns that attachments, even from someone you know, can install malware. If you were not expecting a file, call and ask.
  7. Confirm receipt right after you wire. Call the closing company as soon as the wire is sent and ask them to confirm they have it. The CFPB notes that spotting a misdirected wire within roughly 24 hours gives the best chance of recovering the money.

If you already sent money to the wrong account

Move fast and in this order, based on CFPB and FTC guidance:

  • Call your bank immediately and tell them it was a fraudulent transfer. Ask for a wire recall. If you used a money transfer company, call its fraud or complaint line right away.
  • Call your title or closing company so they know the funds did not arrive and can alert the right people.
  • File a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov. If your bank asks for a police report, a copy of your IC3 complaint can help.
  • Report it to the FTC at ReportFraud.ftc.gov and contact your local police or sheriff’s office.
  • Change the password on your email account and turn on two-step verification, since a compromised mailbox is how many of these scams start.

No one can promise the money will come back. Recovery is never guaranteed, which is why prevention matters most.

What a normal Florida closing money trail looks like

Knowing the legitimate process makes fakes easier to spot. A buyer usually puts down an earnest money deposit shortly after the contract is signed (see our guide to earnest money deposits in Florida), and the remaining cash to close is due at the closing. You will see the final numbers on your Closing Disclosure, which federal rules require you to receive at least three business days before closing; Quality Real Estate Finance explains how to check it in its guide to the Closing Disclosure three-business-day rule. The amount you wire should match that document. If an email asks for a different total, call before you move any money.

To understand why the total is what it is, read who pays what in Florida closing costs. And if your deal has hit a snag, such as a low appraisal, expect more emails and more changes, which is exactly when scammers like to slip in. Slow down during messy stretches.

Other closing-week to-dos that pair well with wire safety

Frequently asked questions

Is it safe to wire money for a home purchase?

Wiring is a normal part of closing and can be done safely when you confirm the instructions by phone with a number you trust and verify the account name with your bank. The risk comes from acting on emailed instructions without checking.

What if the closing company really did change its wiring instructions?

Then a short phone call will confirm it. Call the number on their website or your original paperwork, ask them to read the account details to you, and compare. A legitimate company will not mind.

Can I pay with a cashier’s check instead?

Many closings accept a cashier’s check, and the CFPB checklist lists a cashier’s check or proof of wire for the exact amount needed to close. Ask your closing company what it accepts and any deadlines or limits.

Who should I tell if I get a suspicious email?

Tell your agent and your closing company by phone right away, do not reply to the email, and report it to the FTC. If you lost money, also file with IC3.

Does this apply to sellers?

Yes. Sellers who provide payoff or proceeds instructions by email can be targeted too. Use the same rule: confirm by phone before changing where money goes.

Questions about your Central Florida purchase or sale?

Our team can walk you through the closing timeline so you know what to expect before any money moves. Contact Quality Real Estate Services LLC at 407-476-6667, 336 Wilshire Blvd, Suite 274-229, Casselberry, FL 32707.

By Tariq AbouAdma, Real Estate Broker, License BK3375638, Quality Real Estate Services LLC. This article is general education, not legal advice. For questions about your specific contract, consult your closing agent or a Florida real estate attorney.