What we verified in “Mortgage closing wire fraud and real estate email scams”

Statements and where we checked them

The statements with rules, figures or dates, with the exact place in the source and the date we checked them.

1. According to the FBI (IC3), business email compromise (BEC) targets every participant in a real estate transaction, including buyers, sellers, attorneys, title companies and agents; once criminals get into one participant's email account, they monitor the transaction and time a fraudulent request to change the payment type (often from check to wire) or to switch to a bank account they control; and the money may then move to another domestic or international account.

   Sources 1 · PSA I-060923-PSA, Business Email Compromise: The $50 Billion Scam, 'BEC Highlights: Real Estate Sector': 'The BEC scam targets all participants in real estate transactions,to include buyers, seller, real estate attorneys, title companies, and agents'; 'they are able to monitor the real estate proceeding and often time the fraudulent request for a change in payment type (frequently from check to wire transfer) or a change from one bank account to a different bank account under their control'; 'transferred to a secondary fraudulent domestic or international account' · Checked October 31, 2026

2. The FBI (IC3) recommends using secondary channels or two-factor authentication to verify requests to change account information; making sure the link in an email belongs to the business or person it claims to be from and has no misspellings; not giving login credentials or personal information by email; checking the sender's address, especially on a phone; and monitoring your accounts regularly.

   Sources 1 · PSA I-060923-PSA, 'Suggestions for Protection': 'Use secondary channels or two-factor authentication to verify requests for changes in account information'; 'Ensure the URL in emails is associated with the business/individual it claims to be from'; 'hyperlinks that may contain misspellings of the actual domain name'; 'Refrain from supplying login credentials or PII of any sort via email'; 'Verify the email address used to send emails, especially when using a mobile or handheld device'; 'Monitor your personal financial accounts on a regular basis' · Checked October 31, 2026

3. According to the FBI (IC3), if you discover a fraudulent transfer, time is of the essence: first contact your financial institution and request a recall of the funds, with any indemnification documents it needs, knowing each institution has its own policies; and, regardless of the amount lost, file a complaint at ic3.gov as soon as possible, with the full transaction details.

   Sources 1 · PSA I-060923-PSA: 'If you discover a fraudulent transfer, time is of the essence. First, contact your financial institution and request a recall of the funds along with any necessary indemnification documents. Different financial institutions have varying policies'; 'Regardless of the amount lost, file a complaint with www.ic3.gov, as soon as possible' · Checked October 31, 2026

4. In its 2025 annual report, the FBI's IC3 recorded 24,768 business email compromise (BEC) complaints, with losses of $3,046,598,558, and 12,368 real estate fraud complaints (a category that includes investments, rentals and timeshares), with losses of $275,110,419.

   Sources 2 · 2025 IC3 Annual Report, p. 7, '2025 Crime Types, By Complaint Count': 'Business Email Compromise 24,768'; 'Real Estate 12,368'; p. 8, 'By Complaint Loss': 'Business Email Compromise $3,046,598,558'; 'Real Estate $275,110,419'; Appendix, 'Real Estate Fraud: Loss of funds from a real estate investment or fraud involving rental or timeshare property' · Checked October 31, 2026

5. According to the 2025 IC3 annual report, its Recovery Asset Team works with financial institutions to freeze funds from fraudulent transfers; in 2025 it acted on 3,900 incidents, with $1,163,919,846 in attempted theft, and froze $679,013,183, a 58% success rate; and it repeats that if you discover a fraudulent transfer you should immediately contact your financial institution to request a recall and file a complaint at ic3.gov with full details.

   Sources 2 · 2025 IC3 Annual Report, p. 17, 'IC3 Recovery Asset Team - Financial Fraud Kill Chain in 2025': 'assist in the freezing of funds for victims of fraudulent domestic and international transactions'; '3,900 Incidents'; '$1,163,919,846 Attempted Theft'; '$679,013,183 Frozen'; '58% Success Rate'; 'If you discover a fraudulent transfer, time is of the essence. Immediately, contact your financial institution and request a recall of the funds'; 'Regardless of the amount lost, file a complaint at www.ic3.gov' · Checked October 31, 2026

6. The CFPB warns that scammers send spoofed emails posing as the real estate agent, settlement agent, lawyer or another trusted person, with false instructions for wiring closing funds; it recommends identifying two trusted individuals to discuss the process and payment instructions in person or by phone, even creating a code phrase only they know; never following instructions contained in an email; verifying the account name and number in person or by the phone number you agreed on earlier; not using phone numbers or links in an email; not opening links or attachments without confirming; and not emailing financial information.

   Sources 4 · Mortgage closing scams: How to protect yourself and your closing funds: 'posing as the real estate agent, settlement agent, legal representative or another trusted individuals'; 'Identify two trusted individuals'; 'create a code phrase, known only by these trusted parties'; 'Never follow instructions contained in an email'; 'including the account name and number'; 'using the phone number you previously agreed to'; 'Avoid using phone numbers or links in an email'; 'Avoid clicking on any links or downloading attachments'; 'Do NOT email financial information' · Checked October 31, 2026

7. The CFPB warns that scammers can closely replicate your agents' email address, phone number and format, that it can be hard to tell whether a phone call is real, and that they may call asking you to verify personal or financial information; and if it happens, ask your bank or wire company for a wire recall immediately and file a complaint with the FBI at ic3.gov.

   Sources 4 · Mortgage closing scams: 'scammers can closely replicate the email address, phone number and format of an exchange from your agents'; 'It may be difficult to identify whether a phone call is fraudulent or legitimate. Scammers may call and ask you to verify your personal or financial information'; 'Contact your bank or wire-transfer company immediately. Ask for a wire recall'; 'Contact the FBI’s Internet Crime Complaint Center at www.ic3.gov' · Checked October 31, 2026

8. According to the FTC, scammers sometimes send emails impersonating your loan officer or another real estate professional, claiming a last-minute change and asking you to wire closing costs to a different account; that is a scam; if you get such an email, contact your lender, broker or real estate professional at a number or email address you know is real and tell them about it.

   Sources 6 · Shopping for a Mortgage FAQs: 'Scammers sometimes send emails impersonating your loan officer or another real estate professional'; 'wire the money to cover closing costs to a different account'; 'Don't do it — it's a scam'; 'contact your lender, broker, or real estate professional at a number or email address that you know is real' · Checked October 31, 2026

9. According to the FTC, if you paid a scammer by bank transfer, report it to your bank or credit union immediately and ask them to reverse the payment and refund your money; if you used a wire transfer company like Western Union or MoneyGram, report it to that company; and report the scammer to the FTC at ReportFraud.ftc.gov.

   Sources 7 · What To Do if You Were Scammed: 'If you paid a scammer with Zelle or a bank transfer: Report it to your bank or credit union immediately. Ask them to reverse the payment and refund your money'; 'If you sent a scammer money through a wire transfer company like Western Union or MoneyGram: Report it to the wire transfer company immediately'; 'Report a scammer to the FTC at ReportFraud.ftc.gov' · Checked October 31, 2026

10. The FBI warns that criminals impersonate owners of vacant land parcels to sell them without the real owner knowing; the signs are a seller who communicates only by email, text or internet phone numbers and refuses to meet in person, rushes the sale or offers a low price, knows little about the property or lacks documents such as surveys or tax information, and asks for payment to an account under another name or in an unrelated location; it recommends, when buying, sending a certified letter to the address of record on the land tax record; and reporting it at ic3.gov.

    Sources 3 · PSA I-061626-PSA, Protect Your Property from Illegal Sales Through Parcel Owner Impersonation (16 June 2026): 'criminals impersonate the owners of vacant property parcels'; 'The seller communicates only via email, text, or VoIP numbers and refuses to meet in person'; 'Pressure to Close Quickly'; 'lacks essential documents (e.g., surveys or tax information)'; 'a domestic wire transfer to an account under a different name, or to an account in a location unrelated to the property'; 'send a certified letter to the address of record on the land tax record'; 'file a complaint with the Internet Crime Complaint Center ( IC3 ) at www.ic3.gov' · Checked October 31, 2026

11. Under Regulation X (12 CFR §1024.33), if the company servicing your loan changes, the old servicer must notify you at least 15 days before the transfer date and the new one no more than 15 days after (or both together at least 15 days before); the notice includes the transfer date, the name, address and a toll-free or collect phone number for both, and the dates when one stops accepting payments and the other starts; and during the 60 days after the transfer, a payment that reaches the old servicer on time cannot be treated as late.

    Sources 8 · 12 CFR §1024.33(b)(3)(i): 'not less than 15 days before the effective date'; 'not more than 15 days after the effective date'; (b)(4): 'The effective date of the transfer of servicing'; 'The name, address, and a collect call or toll-free telephone number'; 'The date on which the transferor servicer will cease to accept payments'; (c)(1): 'During the 60-day period beginning on the effective date of transfer'; 'a payment may not be treated as late for any purpose' · Checked October 31, 2026

12. According to the CFPB, after closing your deed and other mortgage information are filed as a public record, with your name, lender, loan amount and address; some companies use that information to send you advertisements or even scams, sometimes with your lender's name at the top, your details and phrases like 'urgent message', so do not assume mail with your lender's name is from your lender.

    Sources 5 · After closing, 'Beware of junk mail': 'your deed and other mortgage related information are filed as a public record'; 'your full name, mortgage lender, loan amount, and address become publicly available'; 'to send you advertisements or even scams'; 'Don’t assume that mail with your lender’s name'; 'Include consumer information like name, loan amount, or closing date'; 'urgent message' · Checked October 31, 2026

13. The CFPB accepts complaints about financial products and services, including mortgages, and sends them to the companies for a response.

    Sources 9 · Submit a complaint: 'Submit a complaint about a financial product or service'; 'We currently accept complaints about'; 'Mortgages'; 'Most companies respond within 15 days' · Checked October 31, 2026