The full explanation
If it works, getting the money back can be very hard. The CFPB recommends writing down two trusted contacts ahead of time, confirming any instructions with them using only those numbers, and not using phone numbers or links in the email. If it happens to you, call your bank right away to stop or reverse the transfer.
An example
A few days before closing, Lucía gets an email with her title company's logo that changes the account for the payment. She does not reply: she calls the number she wrote down at the start and confirms the email was fake.
You will see it in…
- Last-minute emails or messages that “change” the payment instructions
- The instructions for sending your closing funds (wiring instructions)
- The list of trusted contacts you prepare before closing
