Mortgage scams can cost thousands of dollars as scammers wait to intercept your savings

According to InvestigateTV – Federal Bureau of Investigationof (FBI) 2021 Internet Crime Report, Real estate fraud losses exceeded $350 million.

Deanne Rymarowicz, Associate Counsel National Real Estate Association, We explained that mortgage fraud is a common method used by scammers to steal deposits.

According to Rymarowicz, scammers launch attacks when buyers attempt to wire a down payment to the title company that is selling it. Scammers attempt to intercept these funds by posing as realtors, banks, or title companies.

According to her, the scammers hacked your email, waited for the closing and instructions to be sent, then inserted the email into the chain, changed the instructions, and sent the down payment directly to themselves instead of the correct account. will be sent to

If the funds are transferred to the scammer’s account, the down payment is lost and you can lose thousands of dollars.

with Josh Planos Better Business Bureau Scammers can also impersonate lenders through phishing, phone number spoofing, or SMS messaging, according to (BBB).

Most people are unfamiliar with the process of wire-transferring funds, making them vulnerable to fraud, Planos explains. “Confusion has always been a cheater’s best friend,” he said.

Planos shared some ways to protect yourself from this type of scam.

  • Familiarize yourself with the wiring instructions to ensure you understand the process.
  • Beware of last minute changes in wiring instructions
  • Contact your bank and verify that the receiving account name is the title company you are using
  • Verify information with an independently verified phone number

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