Email Fraud
Last Updated Dec. 12, 2023
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1 min. read
How Email Fraud Works
Scammers continue to target real estate professionals, seeking to compromise their email in order to monitor email correspondences with clients and identify upcoming real estate transactions. During the closing process, scammers send spoofed emails to homebuyers – posing as the real estate agent, settlement agent, legal representative or another trusted individual – with false instructions for wiring closing funds.
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What to Do if It Happens to You
- Contact your bank or wire transfer company immediately. Ask for a wire recall. Reporting the error as soon as possible can increase the likelihood that you’ll be able to recover your money.
- Contact your local law enforcement.
- File a complaint with the FBI. Contact the FBI’s Internet Crime Complaint Center at www.ic3.gov.
From the Consumer Financial Protection Bureau’s “Mortgage Closing Scams: How to protect yourself and your closing funds.”