If you’ve ever bought a home, you know how easy it is to be distracted as you get calls and emails from agents, mortgage companies, underwriters, title insurers, all checking on yet another piece of info that they need for the transaction.
Scammers know this also, and as Ken Harney reports in The Washington Post, they’ve figured out ways to steal your money when you’re trying to close a sale.
In brief, the scammers highjack the email address of someone who works for the title company, and then send an email instructing you to wire closing funds to the scammers’ own bank accounts.
How much is at risk here? According to the FBI, almost $1 billion (yes, that’s Billion, with a “B”) was “diverted or attempted to be diverted” in the past fiscal year.
This is the kind of thing that is going to send people back to the days of walking checks to the title company on the day of closing.