When you are closing on your home, most of the time it is a new process or something you only do a few times in your lifetime. This is why it is perfect for scammers to target home buyers. It is a hectic situation with you signing countless documents and you are flying by the seat of your pants trying to go through the roller coaster ride of buying and possibly selling your current home.
How the Scam Works
- Scammer somehow gets hold of your closing statement
- Most of the time is because your real estate agent or closing agent’s email was hacked
- Scammer will email you with your closing information on where to wire transfer the money
- After sending the wire transfer, they will transfer that money overseas
You have less than 24 hours to reverse a wire transfer. Once the money is gone, there is a low chance you will be able to recover your lost funds.
NOTE: Call your bank immediately if you suspect you sent a wire transfer to the wrong person. They can try to reverse the transfer.