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 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.