April 1, 2016
A WARNING TO BUYERS: CLOSING SCAM
- Both the National Association of Realtors and the Federal Trade Commission have issued a warning to consumers about a mortgage closing phishing scam.
- Scammers are hacking into the e-mail accounts of consumers and real estate professionals or Title Company. The hackers will then send an e-mail to the buyer and pose as the real estate professional or Title Company saying there’s been a last minute change to the wiring instructions for the funds for closing. The buyers will be instructed to send the funds to a different account – that of the scammers.
- If you are buying a home and get an e-mail with money-wiring instructions, STOP.
E-mail is not a secure way to send financial information and your real estate professional or Title Company knows that.