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Real estate is a prime target of cyber-crime and soon to be homeowners are a prime target.
“There was a case here in town, there was a young couple that was about to close on their home. They wired in all of their funds. It was in the six-figure range and those funds did not go where they were intended,” T.J. Larsen said, owner of mytownhome.com agency in Charlotte.
This scam spreading across the country and it is very easy to fall prey. “Typically, what happens is they were monitoring a real estate agent’s account or an attorney’s email account and they’re looking for some email that might have the subject line in it wiring instructions,” Larsen said.
This is how it works: When it comes time to close the attorney or title agent sends wiring instructions. Shortly after the scammer will send new wiring instructions, from what looks to be the same email account. The buyer uses the new instructions and the scammer gets away with the money.
McMillan said anytime you’re talking money on the internet – use encrypted email.
“If you’re dealing with money and the internet, you better make sure you know who you’re dealing with and that you’ve got the right email address. If you don’t it’s just a prescription for trouble”
Source: FOX 46