Wire fraud in real estate transactions is rapidly increasing, posing a significant threat to both buyers and sellers. According to the FBI, fraudsters are increasingly employing sophisticated social engineering techniques to infiltrate real estate transactions by impersonating trusted parties such as escrow officers, real estate agents, title representatives, and other key figures. This type of fraud typically occurs through electronic communications, with emails being the primary medium.
Once fraudsters gain access to the transaction, they often target crucial monies like buyer’s closing funds, seller’s proceeds, lender’s funds, and even broker commissions. By intercepting or manipulating communication, they deceive the parties into wiring money to fraudulent accounts, often leaving victims with significant financial losses and little recourse.
“Our office is committed to protecting residents from these sophisticated scams,” District Attorney Erik Nasarenko said. “We urge the public to stay vigilant, verify information with trusted sources, and be cautious before transferring any funds.”