October 8th, 2018 5:42 PM by Elizabeth Washburn
Avoid the Scam
Wire Transfer Fraud: A New
The security of my clients is a top
priority. There continues to be wire
transfer fraud focused on mortgage transactions. Now there is a new twist.
Hackers often attempt to divert closing proceedings from title companies,
attorneys, banks, and Realtors’ email with wiring instruction changes. The
thieves, who compromise buyer and seller email accounts to intervene when a wire
transfer is about to happen, are stealing thousands of dollars through these
wire transfer scams.
There is a new twist in
this – thieves will call the victim first as a cold call notifying them that
there has been a change and to look out for the email with the new
Tips for Buyers and Sellers
Verify Wiring Instructions
Customers receiving requests for changes to the wiring instructions should
verify the change with all of the involved parties using telephone numbers
previously provided. Under no circumstance should wiring instructions be
changed based on a phone call alone.
Do Not to Accept Wiring
Instruction Changes through email
Hackers target emails with wiring instructions. They use the information to
send a modified email with updated directions for wiring money into their
personal account. Never accept directions to modify a wire transfer from any
Watch for Name &
Be extremely wary of wires going to any account that is not in the name of the
escrow company or attorney. Also, be suspicious of any account with a
geographic location different than the seller—and never wire outside of the
United States. There are possible explanations for different names and odd
locations, but ALL red flags should be explored in detail with a phone call to the attorney's office with the number given to you verbally by me, your mortgage officer. It took some time to earn that money. Let's make sure it get to your new home.