Closing instructions are operational records, but they can change whether a signed transaction is funded as intended. The FBI's 2024 IC3 report lists $173,586,820 in reported losses under the Real Estate descriptor. The same report lists $2,770,151,146 in Business Email Compromise losses. These are reported complaints, not a census of every closing.
What to preserve
| Record | Review question |
|---|---|
| Contract and settlement statement | Who is entitled to funds and when? |
| Wiring instructions | Were account details independently confirmed? |
| Email chain | Did a last-minute change come from a trusted channel? |
| Bank or escrow confirmation | What account was actually used? |
The 2024 IC3 report warns that its figures reflect reports to IC3 and do not capture every incident. The CFPB closing-scam guidance recommends confirming payment details through trusted representatives rather than relying on an email change. The two reported loss figures have different descriptors and must not be added together as a closing-fraud total.
Evidence-led measurement
Track attempted instruction changes per closing, independent confirmation status, and whether the changed instruction was rejected before funds moved. Those measures describe control performance. They do not prove that every attempted change was fraud.
A contract reviewer can reconcile the settlement statement, payee, amount, and timing. Payment authorization and incident response belong to the settlement agent, bank, and appropriate professional.
Primary sources: FBI 2024 IC3 Annual Report and CFPB mortgage closing scams.
**Professional disclaimer:** This article is informational and not banking, fraud-response, or legal advice.