Lately, there have been a number of scams that are targeted to businesses who work with other businesses that regularly perform wire transfer payments.
Scams are getting extensive and include attacks on lenders, realtors, borrowers and more, making it easier for hackers to divert the funds to them.
Check out how a scam could happen:
- A realtor could send an email to a borrower containing important information about details of a loan.
- A hacker could intercept this email and all its information.
- A hacker could send a spoof email to the borrower with where to wire cash to an account owned by the hacker.
- Leading the borrower to follow those instructions.
All borrowers should pay attention to their emails. If you receive an action email about your closing, refer to your lender as soon as possible. Do not send money unless you can confirm where it is going. Verify all your email addresses. If you are suspicious about any emails, it’s important to talk to someone on the phone.
Regency Mortgage knows how important it is to send all of our emails securely. We protect all of our emails that are sent to our borrowers.