CertifID: First-time Homeowners 3x More Likely to Be Victims of Wire Fraud
February 4, 2025
Over one in four consumers are targets of fraud in a real estate transaction, and nearly one in 20 become victims, according to the latest State of Wire Fraud report from CertifID.
The report also identifies unequal vulnerabilities in the U.S. homeowner population, with greater risk factors based on location, experience and age. Additional key findings in the report include:
- 52% of consumers are “not aware” or only “somewhat aware” of the risks of wire fraud at the start of a real estate transaction.
- Consumers aged 55 and older are two times more likely to be unaware of wire fraud risks compared to those who are 44 and younger.
- First-time consumers look most often (35%) to their real estate agent to protect them from wire fraud, while experienced consumers look most often to their title company or attorney.
- Consumer awareness, wire fraud education and victim rates vary significantly state to state.
- Overall, 79% of consumers are willing to pay more to work with real estate providers who prioritize their security from wire fraud.
“Delivering safe and secure transactions is not just good for the real estate industry; it’s our duty to consumers as they enter into the largest transaction of their lives,” said Thomas Cronkright II, co-founder and executive chair of CertifID. “This data provides meaningful insight into the true impact of these crimes targeting American home buyers and sellers, who are already under stress in what is the most challenging housing market in recent history. We hope this report sparks new and continued action for all real estate and title professionals to lead their communities in the change needed to protect consumers; it is within reach.”
Real estate wire fraud has grown 50 times in less than a decade, from $9 million to $446 million in annual losses reported to the FBI Internet Crime Complaint Center (IC3).
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