Scammers targeting homebuyers during closing process

According to the Consumer Financial Protection Bureau, the FBI has reported that scammers are increasingly taking advantage of homebuyers during the closing process. Through a sophisticated phishing scam, they attempt to divert closing costs and down payment into a fraudulent account by confirming or suggesting last-minute changes to your wiring instructions. Reports of these attempts […]

According to the Consumer Financial Protection Bureau, the FBI has reported that scammers are increasingly taking advantage of homebuyers during the closing process. Through a sophisticated phishing scam, they attempt to divert closing costs and down payment into a fraudulent account by confirming or suggesting last-minute changes to your wiring instructions.

Reports of these attempts have risen 1,100 percent between 2015 and 2017, and in 2017 alone, there was an estimated loss of nearly $1 billion in real estate transaction costs.

Read the full article at CFPB.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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