Those who thought they could never fall victim to a wire fraud scheme are awakening to a new reality: it really can happen to anyone.
A new variant of wire fraud targets home buyers. Criminals compromise the accounts of real estate agents and monitor their emails for upcoming transactions. Then, at the time of closing, they send an email from the real estate agent’s account, tricking the homebuyer into wiring their down payment to fraudulent account. Because the email comes from the legitimate account of a trusted professional with whom the homebuyer is currently interacting, it appears very real.
NOTE: Bank Iowa’s lenders will NEVER ask you to initiate a wire transfer via email.
The results of a wire scam like the one above can be devastating, especially when money is wired to an offshore account. In those circumstances, the funds can be nearly impossible to recover.
The FBI issued several recent warnings similar crimes. Other variations of this scam can include receiving a bill or new payment instructions from a vendor you know and trust. Even if the email appears credible, follow these steps to stay safe: