Wire Fraud & Real Estate: Protecting Seniors, Homeowners, and Their Life Savings

Show: Is a Reverse Mortgage Right for You?
Host: Cheryl Scheidell, Reverse Mortgage Specialist – Barrett Financial Group

Wire fraud is one of the fastest-growing crimes in real estate today—and seniors are often the primary target.

In this critical and educational episode, Cheryl Scheidell welcomes her trusted title and escrow partners from Stewart Title for an in-depth conversation about how wire fraud happens, why it’s increasing, and—most importantly—how homeowners can protect themselves before it’s too late.

Joining Cheryl in the studio:

• Dana McDonald – Account Representative and long-time trusted partner
• Brianna Blodgett – Escrow Officer and wire fraud front-line expert
• Leslie Banes – Educator and Consumer Advocate

Dana and Cheryl have worked together for over a decade, including seven years with Stewart Title, and this episode reflects real-world experience—not theory.

🎯 What You’ll Learn in This Episode

• What wire fraud is and how criminals impersonate title companies, lenders, and realtors
• Why real estate and reverse mortgage transactions are prime targets
• FBI and ALTA statistics showing how often fraud attempts occur
• Why seniors (60+) are the most targeted age group nationwide
• Common red flags every homeowner must recognize
• What to do immediately if you believe you’ve been targeted
• How working with experienced professionals and modern verification tools protects your funds

🚨 Why This Matters—Especially for Seniors

Real estate transactions often involve tens or hundreds of thousands of dollars moving quickly under tight deadlines. Fraudsters exploit:

• Stress and urgency around closings
• Heavy reliance on email and text communication
• Multiple parties involved in a transaction
• The assumption that seniors may be less familiar with digital threats

Education and verification are the strongest defenses.

✅ Wire Fraud Safety Checklist

Save this. Share this. Use it every time.

BEFORE You Wire Any Money:

• ❌ Never trust wiring instructions sent by email or text
• ☎️ Always call a known, trusted phone number (not one in the email)
• 🔍 Verbally verify:
  • Bank name
  • Routing number
  • Account number
  • Dollar amount
• 🚩 Be suspicious of urgency, pressure, or last-minute changes
• 🔐 Do not click links or download attachments related to wiring instructions
• 🤝 Confirm with your Loan Officer and title company before sending funds

RED FLAGS TO WATCH FOR:

• “Updated” wiring instructions right before closing
• Requests for secrecy or “confidential” action
• Messages that sound different, rushed, or slightly off
• Requests to wire to a new bank, use gift cards, cryptocurrency, or apps

IF YOU’VE BEEN TARGETED:

• 📞 Call your bank immediately and request a wire recall
• 🌐 Report the incident at gov
• 🚔 Contact local law enforcement and the FBI
• 📄 Call your title company right away—time matters

🏢 Stewart Title – Contact Information

For questions about wiring instructions, escrow procedures, or wire fraud prevention:

Stewart Title
📞 Contact your local Stewart Title office directly
🔒 Always verify wiring instructions by phone using a trusted number you already have

📞 Cheryl Scheidell – Contact Information

If you have questions about:

• Reverse mortgages
• Refinancing
• Protecting your home equity
• Or whether a reverse mortgage is right for you

Cheryl Scheidell
Reverse Mortgage Specialist | Barrett Financial Group

📱 480-817-4324
📧 cheryls@barrettfinancial.com
🌐 ReverseMortgageAndBeyond.com