Protect your closing funds from wire fraud
A practical verification protocol for settlement contacts, bank details, last-minute changes and a suspected misdirected wire.
What matters before you decide
Establish the settlement agent’s identity and telephone number through an independent channel early in the transaction. Before sending funds, call that known number and verify the beneficiary, bank and full account details. Treat any emailed change as unverified. If money has gone to the wrong account, contact your bank immediately to request a recall and report the incident.
- Save an independently verified settlement number.
- Never rely on bank details or phone numbers in a changed email.
- Call before transferring and confirm receipt afterward.
- Contact the bank immediately if a wire may be misdirected.
Set the protocol before the closing week
Ask your agent and settlement provider who will issue payment instructions, when they expect to issue them and which verified telephone number to use. Find that number through a signed agreement, an established office website or an earlier trusted conversation; do not take it from a new payment email. Record the contact in your closing file.
The CFPB warns that criminals may impersonate agents or settlement staff and send plausible last-minute instructions. A familiar-looking sender name, copied signature or urgent deadline does not establish authenticity. Agree with the settlement provider on how unexpected changes will be authenticated.
Verify the transaction, then respond quickly to a mistake
Immediately before payment, call the known number and read back the recipient name, bank, account and amount. Ask your bank about cutoff times and confirmation. After sending, retain the transfer receipt and independently confirm receipt with the settlement provider. Do not send sensitive banking documents by ordinary email.
If instructions seem false or a wire may have been diverted, call your bank or transfer provider immediately and request a recall or fraud response. Alert the legitimate settlement provider using the known number and report the incident to the relevant authorities. Speed matters, and recovery is not guaranteed.
Decision checklist
- Trusted contact and number independently verified.
- Recipient, bank, account and amount confirmed by phone.
- Receipt saved and arrival independently confirmed.
- Bank fraud number available for immediate response.
Frequently asked questions
01Is a revised wiring email enough to change the account?
No. Verify any change through the previously established trusted phone number.
02What if I already sent funds to a suspected fraudulent account?
Call your bank or transfer provider immediately to request a recall and alert the real settlement provider.
Primary sources and further reading
Always verify the date, scope and local application before using a source for a specific decision.
Independent educational information. Not legal, tax, lending, or investment advice. Verify local rules and consult licensed professionals before making a real estate decision.
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