Act immediately.

If you believe you've sent money to a fraudulent account, this is not something to deal with tomorrow.

Minutes matter.

Don't spend the next hour blaming yourself.

Don't be embarrassed.

Don't wait to see whether the money somehow makes it to the right place.

Start making calls.

1. Call Your Bank Immediately

Tell them clearly:

"I am the victim of wire fraud. I need the wire department or fraud department immediately."

Ask your financial institution to:

  • Attempt an immediate recall of the wire.
  • Contact the financial institution that received the funds.
  • Determine whether the funds can be frozen.
  • Tell you what fraud-recovery procedures and documentation they require.

Even if you're told the money has already left the receiving account, continue with the remaining steps.

A failed recall does not necessarily mean you've exhausted every possible avenue for recovery.

2. Call the FBI

1-800-CALL-FBI

1-800-225-5324

You can also contact your local FBI field office.

If hundreds of thousands of dollars intended for a home purchase have just been stolen, don't worry about whether you're "bothering" the FBI.

Make the call.

3. File an IC3 Complaint Immediately

Report the fraud to the FBI's Internet Crime Complaint Center:

www.ic3.gov

Include as much information as possible:

  • Amount of the wire
  • Date and time
  • Sending bank
  • Receiving bank
  • Routing number
  • Account number
  • Beneficiary name
  • Email addresses
  • Telephone numbers
  • Websites
  • Copies of fraudulent instructions
  • Wire confirmation or reference number
  • Names used by the criminals

Don't leave something out because it seems insignificant.

4. Call the Legitimate Title or Escrow Company

Use a telephone number you independently verify.

Do not call the number contained in the suspicious email.

Tell the title company exactly what happened.

They may be able to assist in identifying what changed between the legitimate and fraudulent instructions and alert everyone else involved in the transaction.

5. Notify the Other Professionals Involved

Notify your lender, real estate agent, attorney and any other relevant transaction professional.

Someone's email may have been compromised.

Other parties may be receiving fraudulent messages too.

6. Save Everything

Don't delete the email because you're angry.

Don't delete the text because you're embarrassed.

Preserve:

  • Emails
  • Text messages
  • Screenshots
  • Voicemails
  • Wire confirmations
  • Fraudulent wiring instructions
  • Legitimate wiring instructions
  • Account and routing numbers
  • URLs
  • Telephone numbers
  • Dates and times

Those details may become incredibly important.

Most Importantly: Don't Assume Your Money Is Gone Forever

If the bank can't immediately recall the wire, that's devastating news.

But a failed recall isn't necessarily the end of the story.

Members of Viking Title's management team have dealt with exactly this situation while working at a previous title company.

This did not occur at Viking Title.

In that previous case, a homebuyer was the victim of a sophisticated wire-fraud scheme involving approximately $300,000.

The initial attempt to recall the wire was unsuccessful.

Management continued working with the financial institutions involved and investigating what had happened.

The process took approximately 90 days.

Ultimately, the victim recovered every penny.

That 90-day period was the experience in that particular case and should not be interpreted as a guaranteed or universal recovery timeline. Investigations and recovery efforts can vary significantly.

But the lesson is important:

A failed recall doesn't necessarily mean there is nothing else you can do.

There may still be questions about where the money went, how the payment order identified the beneficiary, whether the beneficiary information matched the receiving account, what happened at the receiving institution, what the financial institutions knew and when they knew it, and what additional recovery options may exist.

That's why we have another article devoted specifically to what happens next:

“The Wire Couldn't Be Recalled. Now What?”

Don't Let Embarrassment Stop You

Fraud victims often blame themselves.

"I should have noticed."
"I can't believe I did this."
"I was stupid."

That reaction is understandable.

But it isn't useful when time matters.

These are sophisticated criminals who may study actual transactions, impersonate legitimate companies, spoof telephone numbers, copy email signatures, alter domains and create convincing urgency.

If you've sent the money:

Stop blaming yourself long enough to start fighting to get it back.

Call the bank.

Call the FBI.

File with IC3.

Preserve everything.

And keep going.

This article provides general educational information and is not legal or financial advice. Recovery is not guaranteed. Every fraud event is different. Victims should immediately contact their financial institution, law enforcement and appropriate professional advisors.