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HOME BUYERS GET SCAMMED OUT OF $200,000
Home buyers, a Minnesota couple, fell prey to an email scam and ended up losing over $200,000. Here’s how it unfolded and how you can protect yourself. They received an email from what appeared to be their title agent. There was no reason to think that the email wasn’t from their title agent. It had her email address, name; everything lined up.
Attached was the closing statement. According to the home buyers, “the numbers looked right.” Also attached were the wiring instructions. As you might guess, the wiring instructions were not to the title company’s bank account they were to an account, Bank of America, that the scammers controlled.
The unsuspecting couple wired the money (a good chunk of their retirement) and a day later went to the title company to finish signing the documents. It was quickly determined that the funds never made it to the title company. By the time they figured everything out, the money was pulled out of the scammers Bank of America account and moved to an overseas account.
There are a lot of ways to avoid this scam, but there’s one surefire way. If the title company requires you to wire the funds, call them and verbally verify everything. The ability of scammers to send the perfect email at the perfect time makes it nearly impossible to determine the difference between legitimate instructions and faked instructions.
I hope this helps.
Published Date 5/5/2017
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
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