Tag Archives: Wire Transfer Fraud

How Buyers and Sellers Have Lost Thousands of Dollars to Email Scams

laptop and smart phoneEmail scams are as old as, well, email, but as the years go by, these scams have become more and more sophisticated. Recently, several home buyers have fallen victim to specially targeted email scams that attempt to rob them of their closing costs — sometimes up to hundreds of thousands of dollars.

These types of scams are devastating both financially and emotionally, especially when your home is involved. But to help protect you from email scams targeting the real estate industry, we have outlined a few tips about what these scams are and how to avoid them.

What Email Scams Are Common?

Though the method through which hackers collect personal or financial information is always changing, there are a few basic types of scams that buyers and sellers should be aware of.

Phishing

fishingThis type of scam attempts to “fish” for sensitive personal or financial information (such as passwords or credit card numbers). Many emails used in recent phishing schemes look legitimate; they may use the name of a trusted company or individual as the sender name, but the email address is slightly different than the company’s or individual’s verified address.

These types of email messages may also ask you to verify information or click on a link, which could install harmful software on your computer. Continue reading