Business Email Compromise fraud is one of the most exploitative scams because it is designed to closely mimic legitimate business requests – ones that customers are expecting.
One of the most common forms of business email compromise fraud for homebuyers is an email that seems to be sent from their attorney or title company providing wire instructions for a down payment.
The email appears authentic, with fraudsters either creating a lookalike email address or potentially even gaining access to the business’s actual email account through hacking. Oftentimes, the emails will even include accurate information known to the homebuyer.
“The impact of this fraud can be devastating to potential homebuyers, and the risk of loss may be financially and emotionally life-altering,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “Please be cautious and STOP, CALL, and CONFIRM before finalizing any changes to the closing payments.”
What to do if you received emailed instructions for wiring funds
If you ever receive an email with instructions requiring you to provide information or wire funds, here is what you should do:
- Stop – do not process the request in the email.
- Call the sender using a legitimate phone number that is known to you – it is important that you do not call any number listed in the email and that you do not reply to the email.
- You must confirm that the person known to you sent the email and verify all of the information included, especially account numbers, before proceeding with any wire transfer or exchanging any information.
For more tips on how to avoid scams, access the articles below or check out the fraud prevention section of Doing More Today.
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/fraudprevention or speak with your Banker for further information on how you can help prevent fraud.