Phoenix homebuyer duped out of $73K in real-estate scam

[Account Closed]

One click. One-tenth of a second later, $73,000 disappeared into the ether and two Phoenix home sales were derailed.

It was no accident. Homebuyers across the country are being targeted in custom-tailored email scams aimed at stealing down payments. And the worst part isn't losing years of savings. The scammers depend on you to send them your money.

Forget about anonymous emails promising sweepstakes wins or pleas from Nigerian princes looking to get millions out of their country. This is phishing with an IQ.

These emails are designed to electronically hijack the homebuying process at the most critical moment, just before closing. They go after specific individuals — typically buyers — by adopting the names and titles of real-estate agents, mortgage officials and title agents involved in legitimate transactions.

https://www.azcentral.com/story/news/local/arizona...

MODERATOR NOTE: I featured this thread because this is SO IMPORTANT to be aware of. 

[Jay Hinrichs]

@Account Closed  that you for keeping this in the forefront.. its a HUGE problem..

State of CA even has a disclosure form that agents must use now in transactions that specifically warns buyers and sellers of these fraudulent thefts.

title companies and most closing attorneys have big bold disclosures on their signature lines about wire fraud..

my company sends about 30 wires a week.. and if its not to our known vendor or title companies we do phone verification and other verification techniques I cant discuss on line because I don't want the crooks figuring out how we figure out they are thieves.

we have had it happen to us.. we get an e mail from one of our vendors but its a fake one and it usually says "  Jay we changed banks or bank accounts please send funds to this new account" 

we have caught two that were fakes..