Closing Wire Fraud / Business Email Compromise (BEC)
Closing wire fraud typically involves spoofed or compromised email instructions that redirect buyer or lender funds to fraudulent accounts, often timed around closing. It is an operational risk in any transaction that relies on last-minute wiring instructions and is managed through verified instruction protocols.
- Where it applies
- General / Federal
- When it comes up
- Pre-closing funding; closing disbursement
- Property types
- All transactions with wire disbursements
Read more in the Knowledge Base
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Deed Fraud
- Directors and Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Force Majeure
- Indemnification
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
- Recording Gap Risk
General information, not legal, tax or financial advice.