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Phishers Divert Home Loan Earnest Money

It looks like it’s time to update my Value of a Hacked Email Account graphic: Real estate and title agencies are being warned about a new fraud scheme in which email bandits target consumers who are in the process of purchasing a home.

 

In this scheme, the attackers intercept emails from title agencies providing wire transfer information for borrowers to transmit earnest money for an upcoming transaction. The scammers then substitute the title company’s bank account information with their own, and the unsuspecting would-be homeowner wires their down payment directly to the fraudsters.

 

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