When Buying a Home, Watch Out for This Scam

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Sally was the victim of a business email compromise (BEC) scam, one of the leading cybercrimes in the U.S. today, says the FBI. It often occurs when scammers impersonate employees in a company to get other workers to send them sensitive client information. With that info in hand, they can use any number of techniques to scam the client.

Real estate companies have been particularly hard-hit. Between 2015 and 2017, there was an elevenfold increase in BEC scams targeting the industry, with losses of over $5 billion. The assault is nationwide. So, home buyers, be suspicious of any change in closing plans. Consult your real estate agent and bank if something doesn’t feel right.


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