Your client wires $8.5 million to close on their dream property… but the money never reaches the seller.
Instead, it lands in a criminal’s account — and disappears forever.
This isn’t a thriller or a cautionary tale told at legal seminars.
It’s happening to law firms, title companies, and real estate professionals across the country right now.
And if you’re not taking precautions, it could happen to you.
How Real Estate Wire Fraud Works
Wire fraud schemes are disturbingly simple — and brutally effective.
Hackers infiltrate a lawyer’s or real estate agent’s email account, often by exploiting weak passwords or phishing links.
Once inside, they quietly monitor communication for weeks or even months, studying how you and your clients talk about the transaction.
Then, just days before closing, they strike.
They send your client a fake email — nearly identical to yours — with “updated wiring instructions.” The logo matches. The tone matches. Even the signature block looks right.
Except for one tiny detail:
The email address is off by a single letter.
Example:
Real:lawyer@firm.com
Fake:lawyer@firrn.com
Your client, eager to finalize the deal, follows the instructions and wires the funds — straight into the hacker’s account.
By the time anyone notices, it’s too late.
Why Attorneys Are Prime Targets
Real estate closings are a gold mine for cybercriminals:
- They involve large sums of money
- They happen under tight deadlines
- They require constant communication among buyers, sellers, lenders, agents, and attorneys
When stress is high and time is short, mistakes happen — and hackers count on it.
And when millions vanish, the first question everyone asks is:
“Who’s responsible?”
All too often, the finger points at the attorney.
A 3-Step Plan to Stop Wire Fraud Cold
The good news?
You can prevent most wire fraud attempts with three simple steps.
1. Verify Wiring Instructions by Phone
Before any funds are transferred, have your client call a known, trusted phone number to confirm the wiring details.
Not the number in the email — the one you gave them at the start of the engagement.
Even a 30-second phone call can save millions.
2. Educate Your Clients Early
Make it part of your onboarding process to warn clients about wire fraud.
Tell them exactly what to expect — and what not to.
Use this simple script:
“We will never send you wiring instructions by email without verbal confirmation.”
Setting expectations early can eliminate panic and prevent confusion when scammers strike.
3. Use Secure Communication Tools
Whenever possible, send wiring instructions and sensitive details through encrypted portals instead of email.
Think of it as locking the message in a safe instead of dropping it in an open mailbox.
Final Thoughts
Wire fraud isn’t just a technology problem — it’s a people problem.
Hackers rely on trust, urgency, and human error to make their schemes work.
But by slowing down, verifying, and securing your communication, you can protect your clients, your firm, and your reputation.
Bonus Tip: Want to Learn More?
For more real-world stories about cyber risks facing attorneys, check out Don Ivol’s book Game Over? Not Today!
It’s packed with lessons and strategies to help professionals stay one step ahead of cyber threats.