Round Rock Police Warn of Rise in Sophisticated Wire Transfer Scams Involving Mortgage Down Payments

“There have been instances where over $100,000 has been sent,” Round Rock Police Detective Brian Neveu said.

ROUND ROCK, Texas — Closing in on a new home can be exciting, but the Round Rock Police Department is warning people about scammers scamming homebuyers for mortgage deposits.

“Unfortunately, this has happened multiple times in Round Rock, multiple times in Central Texas, and it seems to be a nationwide trend,” Round Rock Police Detective Brian Neveu said.

Neveu said wire transfer scammers use phishing emails or hack the emails of mortgage lenders and real estate agents, impersonating them near closing time and sending emails. fraudulent emails stating that they need the deposit sooner than expected.

“It’s very harmful, honestly,” Neveu said. “You see all the names you know of the estate agent, the title company, so you transfer the money and you think it was a legit thing. You’re probably feeling pretty good, unfortunately, at this point. “

It’s not just the right agent and title company listed in these scam emails. The scammers mention the location of the house you are buying, the down payment amount and your original closing date. Nevue said these criminals make him look legit.

“There have been instances where over $100,000 has been sent,” Neveu said. “There have been cases of $80,000, or across the spectrum.”

According to the FBI, these sophisticated mortgage scams often include criminal organizations and untraceable offshore accounts, making funds almost impossible to recover.

In some cases, Round Rock police have recovered the money. But, in other cases, their savings have been snatched away.

So if you fall victim to this scam, Neveu advised you to call your bank or credit union as soon as possible so they can try to stop the transfer.

“So depending on the time frame, there’s definitely a success rate of getting that money back before the scammer gets it,” Neveu said. “But, again, this is where I come back to immediacy. The sooner you report it, the higher the likelihood of getting the money back.”

Once you’ve spoken to your banker, file a complaint with the FBI’s Internet Crime Center.

Estate agent Rosie Hayer says that to prevent this from happening, never transfer money without talking to your professional estate agent or title company.

Always use the number you already have and not the one on the questionable email.

“Never send your financial information through regular email,” Hayer said.

Also check that incoming emails have legitimate addresses and watch for obvious grammatical errors and excessive urgency.

Teenager arrested in connection with threat at Lockhart High School

Austin police are searching for a suspect in the Ohlen Road homicide

Immersive installation “Field of Light” opens soon at Lady Bird Johnson Wildflower Center

About Martin Aaron

Check Also

role of investors in the housing crisis | Think about real estate

When it comes to the economy, we see an ecosystem that works like a well-oiled …