Scam steals closing money by hacking agent, escrow email

Deposits necessary to purchase a home are being diverted into hacker accounts, leaving buyers high and dry
by Staff Writer
March 19, 2016
  • Scammers are stealing homebuyers' money by hacking agent and escrow email accounts, monitoring transactions and mimicking official email.
  • Closing costs are being illegally diverted to hacker accounts.
  • The best way to avoid this fraud is to never email money transfer instructions to clients -- always call.

Imagine you’re a first-time homebuyer who gets an email from your real estate agent or the escrow or title agency. The email instructs you to wire your closing cost money — which sometimes includes your entire down payment — to a bank account, and the style of communication, signature and email address all belong to someone you know and trust.

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