If you think you sent closing funds to a scammer, act right away. Call your bank and ask for a wire recall, file a complaint at ic3.gov with the full transaction details, report the scam to the FTC, and tell your escrow company and agent by phone. The FBI says time is of the essence.
This article is for general education and is not legal advice. It points you to the agencies and steps that official sources name, and tells you what we could not verify.
How Common Is Closing Fund Fraud? The Numbers at a Glance
The FBI's 2025 Internet Crime Report shows large and growing losses, though most of these figures cover more than closing scams. The numbers below come from the FBI's Internet Crime Complaint Center (IC3) 2025 annual report and count only complaints that were filed.
Number | What it measures | Report pages |
|---|---|---|
1,008,597 complaints, $20.877 billion in losses | All IC3 complaints in 2025 | 6 |
24,768 complaints, $3,046,598,558 in losses | Business email compromise in 2025, up from $2,770,151,146 in 2024 | 7, 8, 25, 26 |
12,368 complaints, $275,110,419 in losses | The FBI's real estate category in 2025, up from 9,359 complaints and $173,586,820 in 2024 | 7, 8, 25, 26 |
25,619 complaints, $458,165,375 in losses | All complaint types from Washington State in 2025 | 28, 29 |
3,900 incidents, $1,163,919,846 attempted, $679,013,183 frozen | Cases handled by the FBI's Recovery Asset Team in 2025 | 17 |
By our math from those figures, the real estate category rose about 32 percent in complaints and about 59 percent in losses from 2024 to 2025, and business email compromise losses rose about 10 percent. The FBI reports a 58 percent success rate for the Recovery Asset Team's incidents. That is the FBI's own measure, and it does not mean that 58 percent of victims got their money back. We could not find a Spokane specific figure in the report.
What Should You Do Right Now?
Work through these steps in order, and start with your bank. The FBI says time is of the essence.
- Call your bank right now. Ask the bank to recall the wire or reverse the payment. The CFPB, the FTC, and the FBI all say to do this immediately. The FBI adds that policies vary by institution, so ask what help your bank can provide.
- Call your escrow company and your agent. Use a phone number you already trust, not a number from an email. This step is our suggestion, not a legal requirement.
- File a complaint with the FBI at ic3.gov. Include full transaction details. The FBI says it may be able to help freeze funds and asks victims to report regardless of the amount.
- Report the scam to the FTC. The FTC says to report scams at ReportFraud.ftc.gov.
- Report it to local law enforcement. In Spokane, the City of Spokane Police Department lists Crime Check at 509 456 2233 for non emergencies no longer in progress. The page does not say whether a fraud report qualifies, so ask which option the department wants you to use.
- Keep your records, and talk to a Washington attorney. Save emails, wire confirmations, and the names of everyone you spoke with. Whether any money can be recovered, and who bears the loss, depends on the facts and your contracts, and we cannot answer that.
How Can You Protect the Rest of Your Closing?
Never follow wire instructions you receive by email, and confirm them by phone with a number you already trust. The CFPB advises confirming instructions with your trusted representatives before wiring money, and using a phone number you agreed on in advance, not one from an email. If you are still in the middle of a sale, our article on how to prepare for a smooth seller closing in Spokane covers wire safety from the seller's side. For what happens next on the calendar, see how long closing takes from contract to keys. If your closing is happening online, our guide to how remote online notary closings work explains the process.
What Can Your Agent Do to Help?
We are real estate agents, not attorneys or fraud investigators, so we cannot recover funds or give legal advice. If you are a Spokane buyer or seller and something looks wrong with your closing funds, call us and your escrow company on a number you trust. We can help you understand the timeline, and your attorney can advise you on your rights.
Frequently Asked Questions
Does it matter how small the amount is? The FBI's 2025 Internet Crime Report tells victims to report regardless of the amount, and to include full transaction details when they file at ic3.gov, because the FBI may be able to help freeze funds. The FBI does not promise that funds will be recovered.
What if I paid through a wire transfer company instead of my bank? The FTC says to contact the wire transfer company immediately, tell them a scammer tricked you into sending the money, and ask for a refund. The FTC does not give a deadline, but it stresses reporting right away.
Are the FBI's real estate fraud numbers all about closing scams? No. The FBI's real estate category is defined as fraud involving rental or timeshare property, so it includes more than closing wire fraud. We use it to show the scale and the trend, not as a count of closing scams. The business email compromise category is a separate FBI category.
Who regulates escrow companies in Washington, and can I complain about one? The Washington Department of Financial Institutions says escrow companies, agents, and officers are regulated by its Division of Consumer Services. It offers a license verification tool and an online complaint form for problems with an escrow company. Whether a complaint applies to your situation depends on the facts, so ask an attorney.
About the Authors
Emiley and Zech are real estate agents at Rios and Co Real Estate in Spokane, Washington. They help buyers and sellers get through closing and explain each step in plain words.
Zech
- Role: Real estate agent, Rios and Co Real Estate, Spokane, Washington
- Washington real estate license: 23010071
- Memberships: National Association of REALTORS, Spokane MLS
Emiley
- Role: Real estate agent, Rios and Co Real Estate, Spokane, Washington
- Washington real estate license: 21003073
- Memberships: National Association of REALTORS, Spokane MLS, Northwest MLS
Figures were reviewed on October 21, 2026, and come from the FBI's 2025 Internet Crime Report. This article is for general informational purposes and does not constitute legal or financial advice. If you think you have been a victim of fraud, contact your bank and the agencies above right away, and consult a licensed Washington attorney about your options.
