A new survey shows the wire fraud fight needs reinforcements

We weren’t planning on writing about wire fraud – a frequent topic of conversation here in the Birthright Title blog – this month, but then a survey came out showing that awareness about the problem is still lacking. So, we figured it was time to talk about this important issue again.  

Why? Wire fraud in real estate is a big problem for anyone in real estate, with losses reaching nearly $500 million annually due to business email compromise (BEC). That new survey, called the “State of Wire Fraud in 2025,”  from CertifID highlights how prevalent and damaging these scams have become. Because real estate transactions involve large sums of money and a complex web of professionals, criminals are finding more ways to exploit vulnerabilities. Here’s what you need to know, whether you’re a Realtor or a homebuyer.

What Realtors should know about wire fraud

1. Scammers impersonate Realtors the most. According to CertifID’s survey, 58% of wire fraud victims reported that suspicious communications appeared to come from their real estate agent. Cybercriminals often use phishing emails or phone calls that mimic trusted professionals, making it critical for agents to educate their clients on verifying all financial communications.
2. More work needs to be done on fraud awareness. More than half (52%) of surveyed buyers and sellers were either unaware or only somewhat aware of wire fraud risks before closing. Realtors must take a proactive role in educating their clients about fraud prevention from the first consultation—not just at closing. 
3. First-time buyers are 3x more likely to become victims. First-time buyers are significantly more vulnerable to wire fraud, with a victimization rate three times higher than experienced buyers and sellers. This underscores the need for real estate professionals to provide extra guidance to new buyers on safe transaction practices.

What buyers need to know about wire fraud

1. Always Verify Wire Instructions Through a Trusted Source. One of the most common tactics scammers use is sending fraudulent wiring instructions that appear to come from your real estate agent or title company. Always confirm wire instructions over the phone using a known, trusted number before transferring money. We’ll go over what to expect when closing with Birthright Title with all our customers, but if you have questions, please ask us.
2. Suspicious Communications Are Common—Don’t Ignore Red Flags. More than 1 in 4 buyers and sellers (26%) reported receiving suspicious or fraudulent communications during their closing process. If you receive an unexpected request to change payment details or an urgent demand for a wire transfer, stop and verify before taking action.

How to Protect Yourself

• For Realtors: Implement fraud awareness training for clients, verify all transactions through secure channels, and emphasize cybersecurity best practices.
• For buyers: Be skeptical of any last-minute changes in payment instructions, always verify with a known contact, and act quickly if fraud occurs.

Wire fraud isn’t just a problem for individual transactions—it has ripple effects on the entire real estate industry and economy. By staying informed and taking proactive steps, professionals and consumers can work together to reduce the risks and ensure safer transactions. Reach out to us anytime. We promise to work hard to protect you and your transactions so you can start to enjoy your home sweet home anywhere in Middle Tennessee.