Where is Your Wire Transfer?
Wire transfers are the preferred method to send money to a closing attorney. Very rarely does anyone bring a cashiers check to a closing. This week the West Mero Board of Realtors sent out an email alerting members about the latest real estate scam in the area.
It seems that hackers are hacking into email accounts, and monitoring emails for key words such as closing, wire transfer, etc. After finding these words, the hackers take over and contact buyers who are preparing for a closing that will include a wire transfer.
A typical hacked email recived by the buyer will read "The wiring instuctions sent previously have been changed. Please have your funds wired using the new instructions in this email."
The buyers send the wire using the new instructions, and the money disappears. It is typically sent to an overseas account, never to be seen again. No one gets to buy a home that day, and the money is gone.
So, everyone, pay attention! Make sure your buyers know to be aware of this scam, and to verify the wiring instructions with the closing attorney before money is wired.