There’s a new scam in the Boise real estate market and it’s “wire fraud”.
Here’s how it works:
Let’s assume that you’re a buyer, your transaction is in escrow, and you’re approaching closing.
You decide that it’s easier to wire your closing funds to escrow vs. getting a cashier’s check and delivering it to escrow.
Prior to your closing, your escrow officer sends wiring instructions to you.
Then, before you wire your closing funds, you receive an unexpected e-mail that appears to be from your agent, your escrow officer, or your lender, informing you that there has been a change and that you should wire your funds to a different account.
When that happens, you should immediately contact your agent, lender, and/or your escrow officer.
Because it’s likely a scam designed to get you to wire your closing funds to another account.
If you fall for this trick, your money will be gone forever.
This scam begins with someone hacking into the e-mail account of your agent, lender, or escrow officer and impersonating them.
Once the scammer has gained access to one or more of those e-mail accounts, it’s easy for them to copy/paste official-looking logos and e-mail signatures that will fool many buyers.
Here’s how to protect yourself . . .
- Beware of sudden, unexpected changes in your closing process.
- If in doubt about any aspect of your closing, contact your agent, lender, and escrow officer to confirm how your closing will be handled.
Remember the good old days when we could trust everyone?