Wire fraud: how to protect a large transfer
Wire fraud targets big, time-sensitive payments like home closings and business invoices. Scammers hijack email threads and swap in their own account. Here’s how to verify before you send.
Also known as: business email compromise, real estate wire fraud, closing wire scam, payment redirection fraud
How the wire fraud works
- 1
Scammers watch a real deal
They compromise an email account and read messages about an upcoming payment.
- 2
They send new wire instructions
Near the deadline, they email updated bank details from a look-alike address.
- 3
You wire to the wrong account
The details look legitimate, so you send the funds as instructed.
- 4
The money moves out fast
Wires clear quickly, and the funds are often gone before anyone notices.
Red flags to watch for
- Last-minute changes to wire or banking instructions.
- Email pressure to send before a closing or deadline.
- A sender address that’s one letter off from the real one.
- New account details that don’t match earlier paperwork.
- Requests to keep the payment quiet or skip a phone check.
- Replies that subtly change the reply-to address.
What to do if you’re targeted
- Stop. Call the recipient on a known number to confirm details.
- Never use phone numbers found inside the email itself.
- Re-read the sender address letter by letter.
- If you already sent it, call your bank to request a recall now.
- Report it to the FBI’s IC3 and your local police.
- Tell everyone on the deal so they double-check too.
How Oversight catches the wire fraud
Before you act on new wire instructions, screenshot the email and run a Deep Scan. Oversight compares the sender domain against look-alikes, checks links and attachments, and scores Sender Trust and Auth Score so a spoofed thread stands out. The plain-English breakdown explains why an instruction looks risky. Oversight is assistive, not a guarantee; for any wire, confirm the account by calling the recipient on a number you already had, never one from the message.
Oversight is an assistive tool, not a guarantee. For anything involving money or account access, confirm with the sender using a phone number or website you already trust — never the contact details in the message.
Wire fraud: questions, answered
How can I tell if wire instructions are fake?
Verify by phone using a number you already trusted before this email. Treat any last-minute account change as a red flag until confirmed.
Can a bank reverse a fraudulent wire?
Sometimes, if you act fast. Call your bank immediately to request a recall and file an IC3 report the same day.
Why is real estate a common wire fraud target?
Closings involve large sums and tight deadlines. Scammers exploit the pressure to slip in fake instructions at the last moment.
Not sure if it’s a scam? Get a verdict in 3 seconds.
Oversight is a free AI scam detector and scam checker for email, texts, DMs, and calls. Screenshot anything and know if it’s a scam before you tap or pay.