Heads Up: Mortgage Closing Cost Phishing Scheme

mortgage closing cost phishing scheme

As technology progresses, so does the skill of nefarious characters. According to the FTC and NAR, scammers are hacking the email accounts of consumers and real estate professionals to obtain information about upcoming real estate transactions.

Once they have access to the consumers’ or real estate professionals’ email account, the hackers can ascertain the closing dates.

Then, the scammers send an email to the buyer, posing as the real estate professional or title company, stating that there has been a “last minute change” to the wiring instructions.

The scammers’ email instructs the buyer to send the funds to a different account, one belonging to the scammers.

According to the FTC, if the buyer takes the bait, their bank account could be cleared out in a “matter of minutes.”

Read the full article on Housing Wire here.

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