Client security
Wire fraud protection for your real estate transaction.
Wire fraud is one of the most common and costly real estate scams today. Criminals impersonate escrow, title companies, agents, and lenders to redirect your closing funds. This guide shows you how to keep your money safe.
When you buy or sell real estate, large sums of money move through electronic funds transfers and wires near the close of escrow. Criminals know this, and they target it. In a typical scheme, a fraudster breaks into or spoofs an email account and sends wiring instructions that appear to come from your escrow officer, real estate agent, title company, or lender, directing your funds to an account the criminal controls.
Because the impersonations are sophisticated and the money moves instantly, losses are frequently unrecoverable. The good news: a few simple habits stop the vast majority of these scams.
California DRE consumer alert
The California Department of Real Estate has issued a standing consumer alert, "Buyer, Seller, Real Estate Agents and Escrow-holders BEWARE: Criminals are targeting your Wire and Electronic Funds Transfers!" We share it with every client whose transaction will use a wire or electronic funds transfer.
Never act on a change in wiring or EFT instructions received by email or phone, even if it seems to come from a trusted party. Always verify wiring instructions through a known, pre-verified phone number.
Source: California Department of Real Estate, official consumer alert on wire and electronic funds transfer fraud. Visit dre.ca.gov for current guidance.
Your checklist
Protect every wire with these four steps.
Never trust email wiring instructions alone
Treat any wiring instructions delivered by email as unverified, even if the address looks correct or the email seems to come from your escrow officer. Email can be spoofed or intercepted.
Verify by phone using a number you know
Call and confirm the bank and wiring instructions using a phone number you already have or one you look up yourself on the official website. Never use a phone number typed into the email you received.
Beware of any change to instructions
Be extremely suspicious of any revised wiring or account instructions, especially if it arrives by email or a phone call late in the process. Legitimate escrow officers will not pressure you to rush a transfer.
Act immediately if you suspect fraud
If you believe funds have gone to the wrong account, contact your bank and financial institution immediately, then report it to the FBI's Internet Crime Complaint Center at ic3.gov.
JC Pacific Corp's commitment to you.
We will never email you a change to your wiring instructions, and we will not ask you to rush a wire or transfer. Whenever a wire or electronic funds transfer is part of your transaction, we share this security notice with you before you send money.