A growing threat to home buyers and sellers is costing families tens of thousands of dollars.
The Better Business Bureau says reports of mortgage wire fraud cases increased nearly 500% over the last few years. Scammers are getting better at impersonating title companies, real estate agents and lenders.
The scam starts when they send emails to home buyers explaining there has been a last-minute change and money for closing costs or other fees should be wired to a different account.
Alyssa Parker with the BBB says it's important to stay in close contact with everyone you are working with on your home purchase so you will know exactly what to expect during the process.
"If there is a massive change you should always be aware of all of the information ahead of time. There's typically not a lot of changes towards the end so make sure you take a step back if you do get an email that says that," Parker said.
If you do get an email you are unsure about, call the company or person you are working with to confirm it actually came from them. You should also ask for a transaction information sheet from the title company and use a secure website portal to send banking or other private information.
BBB: Mortgage loan scams getting harder to spot
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