Wire fraud is one of the fastest-growing threats in real estate and Spokane buyers are not immune. Criminals target home closings because large sums of money move quickly and wired funds are nearly impossible to recover once sent. Here is exactly what wire fraud looks like and how to protect yourself before and on closing day in Spokane.
What Real Estate Wire Fraud Is
Real estate wire fraud occurs when a scammer tricks a buyer into wiring closing funds to a fraudulent bank account instead of the legitimate title or escrow company.
- Scammers hack into email accounts belonging to real estate agents, title companies, or lenders
- They monitor the transaction closely and learn names, amounts, and closing dates
- Days before closing, they send an email that looks exactly like one from your title company or agent with updated wire instructions
- The buyer wires the funds believing they are paying the legitimate escrow account
- The funds are transferred offshore within hours and are almost never recovered
A real example: A buyer in a West Virginia community received an email she believed was from her title company and wired her $255,000 down payment. The email was from a scammer. The funds were gone within hours. This scenario is happening in real estate markets across the country including Washington state.
Red Flags to Watch for During Your Spokane Home Purchase
- An email arrives with "URGENT" in the subject line requesting updated wire instructions
- The sender's email address is slightly different from the one your title company or agent has used previously, for example one letter changed or a different domain
- Wire instructions change at any point after being originally established
- The email is sent from a personal address such as Gmail, Yahoo, or Comcast rather than a professional company domain
- You feel pressure to act fast without time to verify
How to Protect Yourself When Buying a Home in Spokane
- Call to verify before every wire. Use a phone number you already have on file, not one provided in the email. Call your escrow officer at Spokane County Title or your lender directly to confirm wire instructions verbally before sending any funds.
- Establish wire verification protocols early. Before closing day, ask Emiley, Zech, or your escrow officer exactly how wire instructions will be delivered and how changes will be communicated.
- Treat every email with wire instructions as suspicious. Legitimate title companies in Spokane will not send wire instructions by unsecured email or change bank account information via email.
- Never send financial information over email. Confirm all financial details by phone using a number you have independently verified.
- Use strong passwords and two-factor authentication on all email accounts involved in the transaction.
What to Do If You Think You Have Been a Victim in Spokane
- Contact your bank immediately to request a wire recall
- Contact the Washington State Office of the Attorney General
- File a complaint with the FBI's Internet Crime Complaint Center at ic3.gov
- Acting within 24 to 72 hours gives the best chance of fund recovery
🌟 How Emiley and Zech Protect Spokane Buyers From Wire Fraud
- They establish wire verification protocols with every buyer before the transaction opens
- They communicate closing details by phone, not email, for sensitive financial information
- They coordinate directly with Spokane escrow and title companies to confirm all wire instructions before closing day
- They prepare every Spokane buyer with this exact information before any funds are due
Reach out to Emiley and Zech at Rios and Co Real Estate before you close on a home in Spokane.
Rios and Co Real Estate · eXp Realty · Spokane, WA
