Homebuyers can be tricked into wiring closing costs

Buying a home this spring? If so, watch out for this cunning new con. A recent alert from the Federal Trade Commission warns that scammers are hacking into email accounts and instructing homebuyers to wire closing costs straight into their pockets.

Here's how the scam works. Imagine you are buying a home, and everything is ready for your closing. Then, your real estate agent or title company emails with new instructions. Instead of bringing a check to your closing, you are instructed to wire your closing costs to a bank account immediately.

Don't do it! You'll be wiring thousands of dollars into a scam account. Hackers have been breaking into the email accounts of consumers' and real estate professionals to search for information about upcoming transactions. After figuring out the closing date, the hacker sends a phishing email to the buyer, posing as the agent or title company notifying them of the change in payment methods. If the buyer takes the bait, their bank account is usually cleared out within minutes. And since the scammers are usually outside of the country, that is money the victim will likely never see again.

Don't accept changes to an agreed transaction based solely upon an email. If someone tells you to deviate from a previous plan, especially one that involves thousands of dollars, check it out before you send a dime. Call your agent or title company and make sure the new directions are legitimate.

Tips to spot a phishing scam:

Email is not a secure way to send financial information. Your real estate professional or title company will know that. They will not send nor ask you to provide banking information via email.

Be wary of unexpected emails that contain links or attachments. Do not click on links or open files in unfamiliar emails.

Consider how the company normally contacts you. If a company usually contacts you by phone, be suspicious if you suddenly start receiving emails or text messages without ever opting into the new communications.

Don't believe what you see. Just because an email looks real, doesn't mean it is. Scammers can fake anything, from a company logo to the "sent" email address.

If something seems suspicious, check the company's website or call them. Err on the side of caution and confirm before taking any action. don't click on any links or call a number in a message you suspect is a scam. If you want to look on the company's website, type in the URL listed on your statement or do a web search.

Finally, be sure to keep your operating system, browser and security software up to date and run regular scans.

For more trustworthy consumer tips, visit bbb.org.

Kelvin Collins is president/CEO of the Better Business Bureau of Central Georgia and the CSRA Inc., serving 41 counties in Middle Georgia and the Central Savannah River area. This tips column is provided through the local BBB and the Council of Better Business Bureaus. Questions or complaints about a specific company or charity should be referred directly to the BBB at 478-742-7999, www.bbb.org or by emailing info@centralgeorgia.bbb.org.

This story was originally published April 11, 2016 at 8:07 PM with the headline "Homebuyers can be tricked into wiring closing costs ."