Escrow Wire Fraud

Closing on a new home?  This should be a time of excitement and anticipation! But criminals have become more and more creative in finding victims.  The FBI reported in 2017 alone, 9,645 victims reported real estate fraud, resulting in losses of more than $56.2 million.

Escrow Wire Fraud – How does it work?

• The real estate agent or closing agent clicks on a link that installs malware.
• The hacker takes over the agent’s email account and sends fraudulent wire request to the home buyer.
• The home buyer sends a wire transfer to the hacker.

So how can you protect yourself?

• Before you send money to a third party, go back to the original documents you received from your lender and call the phone numbers listed there to verify the wiring instructions you received.
•  Never click on email or text links, or send money online, without verifying wire instructions with a live person on the phone from a number that you’ve called and verified.

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