Hacked email – Hackers get access to the email account of someone involved in the transaction – the buyer, seller, real estate agent, mortgage lender, title agent, or other.
Email from hacker – The hacker then emails that person to change the wiring or payment instructions without knowledge from the other parties.
Consumer pays wrong account – If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
Closing day – By the time closing day arrives and the mistake is realized, often the funds are long gone.
