Scammers phish for
mortgage closing costs
March 18, 2016
by Colleen
Tressler
Consumer Education
Specialist, FTC
Buying a home is exciting. You saved for the
down payment, scheduled the move, and are dreaming of planting new roots.
Closing is right around the corner… unless a scammer gets your settlement fees
first.
The Federal Trade Commission and the National
Association of Realtors® are warning home buyers about an email and money
wiring scam. Hackers have been breaking into some consumers’ and real estate
professionals’ email accounts to get information about upcoming real estate
transactions. After figuring out the closing dates, the hacker 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. Often, that’s money the buyer will
never see again.
If you’re buying a home
and get an email with money-wiring instructions, STOP. Email is not a secure
way to send financial information, and your real estate professional or title
company should know that. If it’s a phishing email, report it to
the FTC.
Here are some ideas to help you avoid phishing
scams:
·
Don’t email financial
information. It’s not secure!
· Always CALL the Title company or Financial institution to confirm wiring account numbers prior to finalizing at the bank.
· IF you’re giving your
financial information on the web, make sure the site is secure. Look for a URL
that begins with https (the "s" stands for secure). And, instead of clicking
a link in an email to go to an organization’s site, look up the real URL and
type in the web address yourself.
·
Be cautious about
opening attachments and downloading files from emails, regardless of who sent
them. These files can contain malware that can weaken your computer’s security.
·
Keep your operating
system, browser, and security software up to date.
Learn more about protecting yourself from phishing and what to do if your email is hacked. If you gave your
information to a scammer, visit IdentityTheft.gov.
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