Avoiding wire fraud when closing on your new home

As we get closer to spring, the real estate market is expected to heat up. But before you close there are some things you need to know to protect yourself from getting ripped off.

Tom Roncelli with Roncelli Family Realty joined us on Live at Eleven with some tips.

When buying a home you're instructed to wire your closing funds to the title company. It's the correct protocol and common practice. However, these days, buyers need to be more aware. 

Cyber thieves hack into e-mail accounts and impersonate either the real estate agent, the lender or both and send the buyer fraudulent wire instructions. The money sent may leave the bank never to be seen again.

Roncelli advises to confirm instructions; use encryption; question revisions; and to get your bank involved.

You can watch the interview in the video player above for more information.