magine: you spent more than 10 years saving for the down payment on a new home only to see it all disappear in an instant. This may seem unrealistic, but it’s happening as hackers target home buyers and their down pay- ments.
FBI data shows a rise in wire fraud in the real estate industry. Title companies, attorneys, and real estate brokers have all been tar- geted through phishing email scams that allow hackers to use malware to monitor emails.
The hacker attempts to steal the down payment money by monitoring emails between the bank and the buyer about wiring money. Then he/she sends an email, posing as the bank and requesting that the down payment be wired to a spe- cific account, which is then directed into an offshore account or multiple accounts making it very hard to trace.
This is just one of the many scams that home buyers fall for, and when they do, it’s so sad. They go from ready to buy a home to won- dering how everything fell apart.
Protect Yourself from Potential Scams
The home buying process is already stressful enough, you shouldn’t have to worry about becoming the victim of a scammer at the same time. Here are a few things you can do to protect your- self.
Hire Experienced, Professional Help
Make sure you hire an expe- rienced real estate agent to help guide you through the process. The right agent will not only save you time and money, but he/she will also know how to spot one of the many scams from a mile away and steer you clear.
Use a Reputable Lender
Some scams target you through a shady, dishonest lender. Make sure you choose a reputable lender with