Scams are on the rise across the board and mortgage scams are the latest to hit the real estate world. The Federal Trade Commission and the National Association of Realtors is sending out a warning to home buyers and agents. An email is circulating that is a clear money wiring scam.
Hackers are breaking into consumers and real estate professionals email accounts to gain closing information and transaction information. The hacker will send out an email to the buyer posing as either the real estate professional or the title company. The email requests that funds be sent to a particular account and attached are the wiring instructions. “Sorry for any last minute confusion”
At this point, consumers are taking the bait and sending the funds. These funds will be extremely difficult to recover and could be the sum of all available funds and this will end dreams of home ownership.
On the other hand, be warned about these type of scams. Confirm directly with your agent and title company BEFORE wiring any funds. DO NOT open any links direct from your email or download any information without verifying with your agent it is coming directly from them. Also – DO NOT follow a link that asks you to enter your login information for a site for Esignature without checking FIRST the URL link. Make sure that it is from the site itself. Ex: www.dotloop.com or www.docusign.com, and HTTPS indicates a (s) a secured link.
When in doubt consult your agent or professional first. With great technology comes greater opportunity for those who are not on your side. Be aware and stay alert. Your new home depends on it!