Be Aware When Wiring Funds for a Client’s Escrow

It has come to my attention that wiring funds to close an escrow for a client could end up with funds going to a hacker.

My understanding is that most escrow companies will give the wiring instructions to the client initially and will NOT change the instructions after they initially give them to the client.  However, some hackers have been sending clients (those that are buying the house) new wiring instructions.  Then the funds for their new home are wired to the hacker instead of the escrow company.

I suggest that, as done with any wire, that you call the escrow company directly via a phone number that you already have and confirm the wiring instructions.  If you are aware that your client is buying a home and will need funds from their account, get those instructions and/or the contact information for the escrow company early on in the process.

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