Wire Fraud And The Mortgage Process

Mortgage wire fraud is a scam in which a hacker steals your trusted advisor’s information and poses as that advisor. They act as your closing agent, or attorney but they can pose as any other advisor in the transaction. Their goal is to convince you to divert your closing costs to a fraudulent account, thereby stealing your money.

The scammer may email you or call you telling you that there’s been a last-minute change in their banking procedures, stating that they sent the wrong email or wire instructions the first time. If you fall victim to the scam and initiate a wire transfer, it’s almost impossible to get your money back.

The Federal Trade Commission reports that consumers have lost billions of dollars in real estate transaction costs to scammers. So be vigilant and protect yourself and your money. If ANY message comes to you that changes procedure in the funds transfer, call that advisor and confirm that the changes are legitimate.

DO NOT use the phone number on the scammers email or instructions, use the contact info already established during the purchase process. Check the email address from the scammer against the emails you already have and trust. If they look wrong, don’t follow the scammers instructions. Your closing should be a time of celebration so don’t let scammers steal that from you.