There is a new type of email phishing targeting title companies and home buyers. In some extreme cases, homebuyers are having hundreds of thousands of dollars stolen.
Here is how it works.
During the email exchange between the title company and the homebuyer, the homebuyer will receive a fraudulent email with instruction to wire the purchase amount or down payment to the title company.
Since the malicious email comes directly from the title company, many homebuyers trustingly wire the money as instructed. The hackers own the account, and there is no way of getting the money back.
Anytime you receive financial instructions call and verify with your contact. Do not transfer money until you have checked.
You can watch the full story on NBC: Mortgage Phishing Robbing Home Buyers of Life Savings
To ensure safety for our clients at Capital Land Settlements, we have staff committed to the security of our network. We also keep homebuyers up to date on the latest phishing attacks, so they know how to avoid potential threats.