Spoofed Email Almost Cost a Homebuyer $426K

Tales from the (Title) Crypt – EP 1

Are you afraid of ghosts? Werewolves? Vampires? They can’t be as terrifying as wiring your down payment and closing costs to a fraudster. There are many shadows lurking behind technology looking for new entities (read buyers) to haunt.

In this Tale from the (Title) Crypt, an unsuspecting victim was on the exciting journey of homeownership when an unwelcome and unknown being crept their way into his transaction.

The individual was in the process of purchasing a home and received a spoofed email from their supposed attorney instructing them to wire $426,000.00 to a financial institution to finalize the closing. Two moons after the wire transfer was initiated, a terrifying realization emerged. The instructions came from a spoofed email. Upon notification, the IC3 Recovery Asset Team immediately initiated the Financial Fraud Kill Chain (FFKC) process to freeze the fraudulent recipient financial bank account. Collaboration with the domestic recipient financial institution and the local police department confirmed $425,000 was frozen and returned to the worried soul which enabled them to complete the real estate transaction.

Good luck charms won't keep the fraudsters away. It's important to be equipped with the right fraudster fighting tools to keep your transactions safe. Be mindful of links and attachments and always verify your emails are coming from someone you know and trust. Fraudsters' tricks are ever evolving and always lurking. From business email compromise (BEC) attacks to wire fraud, they can make the road to closing can feel like a haunted house that never ends.

Not all ghoulish tales end as happily as this one. Beware, say we! For it’s only a matter of time you too shall be tested by their schemes. Spread the tales of these monstrous fraudsters’ tactics and look out for their slimy schemes.

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