New Scam Targets Both Home Buyers And Property Sellers

Picture from Inc.com Article on 8/1/2017

If you are a home buyer or property seller, please read the excerpts below from the recent inc.com article: Beware of This Scam Targeting People Buying Homes:

Sellers Beware Of Wire Fraud
"In one common form of the scam, the sender impersonates a seller or a seller's agent and sends the buyer "Wire Instructions" either for a deposit or for the final settlement payment. Of course, the wire instructions are not legitimate - they deliver to an account controlled by criminals, and, any payments sent will be stolen, not go toward a home purchase. The email may have an explanation that seems to make sense - some attack emails begin, for example, with "We have changed banks, please see the attached updated wiring instructions." Unfortunately, there are already known cases of criminals utilizing this scam to steal people's life savings - and, thereby, make them unable to purchase the home that they thought they had bought".

Buyers Beware Of Identity Theft
In another form of the scam, the criminals ask the buyer to send copies of IDs; considering that people normally do have to provide ID at a closing, asking for such materials may seem normal; of course, the criminals asking for this information are not using it to ensure identities for a home purchase; they are obtaining it in order to commit identity theft themselves, or to sell it to other crooks who will misuse it."

Unfortunately, criminals have stolen people's life savings using this trick. These new devious scams target people buying or selling homes with truly negative life-changing attacks. So, if you are buying or selling a home, or are thinking of doing so in the near future, be careful! Click here to read the full article on Inc.com as it explains what you need to know. Home buying is a complex process....