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Help your clients protect against mortgage closing wire scams

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The Federal Trade Commission and C.A.R. are reminding REALTORS® that scammers sometimes use emails to rob home buyers of their closing costs and personal information.

Here’s how the scam works: hackers break into the email accounts of buyers or real estate professionals to get information about upcoming real estate transactions. The hacker then sends an email to the buyer, posing as the real estate professional or title company. The bogus email says there has been a last minute change to the wiring instructions, and tells the buyer to wire closing costs to a different account. But it’s the scammer’s account. If the buyer takes the bait, their bank account could be cleared out in a matter of minutes.

Read how you can help your clients protect their mortgage closing.


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