It seems that almost daily we read or hear reports and warnings of scams aimed at consumers which can result in significant financial losses. It is imperative that consumers remain vigilant in protecting their assets and investments; especially in the age of hacking, privacy breaches, robo-calling and phishing scams. It can be overwhelming to keep up with the warnings; however, a recent article published by U.S. News and World Report by Devon Thorsby offers some sound and easy to follow advice.
For homeowners and prospective homeowners, down payments sent via wire transfers have ended up in the hands of high tech thieves instead of their mortgage companies. Emails sent from mortgage brokers to their clients with wire transfer instructions can get intercepted by hackers. The hackers are then able to change the wire instructions in the e mail prior to the customer receiving the message. In the end, the customer receives an e mail with modified wire instructions and then ends up wiring the funds meant for a home closing directly to the hackers account.
To avoid this type of scam, one broker indicated “she instructs all of her clients to have the title company and bank communicate directly…and verify where the money is going, what the value number is and what the account number is… in any other situation where you have to authorize your bank or title company to do anything, rather than scanning and emailing any personal information or signed authorization, [she] instructs clients to send it via fax to eliminate the possibility of theft from an email hack.”
Thorsby provides additional advice to avoid telephone phishing scams that can result in financial hardships.
Read the entire article.