How the scam works
Criminals monitor or spoof email accounts of agents, attorneys, or title companies. Days before closing, the buyer receives “updated” wire instructions that look legitimate. Funds wired to the fraudulent account are typically unrecoverable within hours.
Rule one: instructions do not change
Our wire instructions do not change during a transaction. Any email claiming they have is fraudulent—no exceptions. Delete it and call us.
Rule two: verify by phone, at a known number
Before sending any wire, call the title agency at the number on its website or your commitment—not a number in the email—and confirm the account details verbally. Ask your bank to match the beneficiary name, not just the account number.
Rule three: never send sensitive data by unencrypted email
Social Security numbers, bank statements, and identification should move only through secure links provided by your attorney or title agency.
For agents and attorneys
Use multi-factor authentication on every email account, warn clients in writing about wire fraud at the start of the transaction, and never forward wire instructions yourself—direct clients to obtain them from the title agency directly.
If something goes wrong
Call your bank immediately to request a recall, then call the title agency and file a report with the FBI’s Internet Crime Complaint Center (IC3). Speed is the only variable that matters.
This article is general information about New Jersey real estate transactions and is not legal, tax, or financial advice. Laws, regulations, and fee schedules change; confirm current requirements with your attorney. Crystal Alliance Title is a title insurance agency, not a law firm.
