Mar 3, 2025
For many people, buying a home is a dream come true, but for Matthew and Stefanie Brock it quickly became a financial nightmare.
The Orlando couple was in the process of closing on their new home when they wired a $38,000 down payment to their title company. "One of the happiest days of our life, on our way to the closing," Matthew recalled with Fox 35 Orlando.
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But as the Brocks were on their way to pick up the keys to their new home, the title company called to inform them that the wire transfer never went through. The Brocks assumed there had to be some kind of mistake, but the real issue was much worse.
"When we found out that it was fraudulent, it's like everything just sinks,” Stefanie told Fox 35 Orlando. "Like you feel the blood just drained from your body."
As the Brocks would come to learn, they had fallen victim to a scam commonly known as home escrow wire fraud. They filed fraud reports with their bank, as well as the fraudsters' bank in North Carolina where the wire transfer was deposited, but the Brocks were only able to recover $5,000 that the fraudsters had not yet withdrawn.
How the fraudsters pulled this off
The Brocks thought they were doing everything by the book when purchasing a home for their growing family. They worked with a reputable title company and had even sent money earlier in the process without issue.
What the couple didn't realize was that fraudsters had hacked Stefanie's email account, allowing them to successfully impersonate the title company. In fact, Stefanie had been unknowingly exchanging emails with the scammers for weeks.
When it came time to wire the down payment, the instructions that Stefanie received via email looked legitimate. The couple only realized they had made a mistake when the actual title company called to say the money never arrived.
"So many different emotions," Stefanie recalled. "Thinking, ‘there had to have been some kind of mistake. Like, it's there somewhere.'"
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The Brocks immediately contacted their bank, but because they willingly sent the money, recovering the funds was nearly impossible. Law enforcement did step in, and at one point the North Carolina bank called the Brocks to say someone was attempting to withdraw the stolen funds at one of their branches. Yet despite this promising lead, the scammer got away.
The Secret Service later retrieved $5,000 that hadn’t been withdrawn, but the Brocks never got the remaining $33,000 back. Now, the Brocks are speaking out to warn other homebuyers.
"We had this awful moment happen," Matthew said. "How do we turn it into something positive? And my thought was: awareness."
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3 red flags to watch out for when wiring money
Since real estate wire fraud is on the rise, the Brocks’ efforts to spread awareness couldn’t come at a better time. According to FBI data, 13,638 Americans were victims of real estate wire fraud in 2020, which is a 17% increase from 2019. Scammers are using increasingly sophisticated tactics to trick buyers, making these scams harder — but not impossible — to spot.
The best way to protect yourself is to always call your title company, attorney or real estate agent to verify wiring instructions before you send money. Call a trusted number — like one from which they've called you before or from their website — to verify the instructions. And while you're at it, keep your eyes peeled for these red flags:
Requests to wire money to a different account or payee
If you receive wiring instructions that direct funds to a different account name, location or bank than previously discussed, it could be a sign of fraud. Always call to verify any changes by using a trusted phone number, and never use contact information from an email.
Last-minute changes to times, dates or wiring instructions
If you receive a message or email changing any of the closing details — including the date, time or wiring instructions — it could be a sign of wire fraud. Scammers often pose as real estate agents, attorneys or escrow officers to send fraudulent instructions. Always verify any changes over the phone using a trusted phone number before wiring money.
Urgent requests to wire money
Scammers often try to create a sense of urgency to pressure victims into action before they can think things through. If you receive a message insisting the money must be sent now to avoid delays in closing or losing the property, don't act. Legitimate real estate deals have to follow a specific process with legal requirements. Make sure to double-check any changes and call your mortgage provider, escrow agent or real estate agent before wiring money.
Contact the authorities
If you think you've been scammed, contact your bank and the authorities immediately. In some cases you may be able to stop the transfer.
With real estate scams on the rise, homebuyers need to stay vigilant. As the Brocks learned the hard way, a simple mistake can cost you dearly.
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Danielle is a personal finance writer based in Ohio. Her work has appeared in numerous publications including Motley Fool and Business Insider. She believes financial literacy key to helping people build a life they love.
