However, on the day that the buyers were set to wire funds, they received an email from their mortgage company stating that they switched banks, and to follow the updated wiring instructions in the email attachment.Īctual message received by the homebuyer from the attacker.This is certainly a curious message that should raise questions from homebuyers, especially considering that it’s asking for funds to be wired differently than what was originally expected. Of the remaining tasks - the time had come for the buyers to wire funds to close escrow. The homebuyers had just a few last-minute tasks to complete, and they’d have the keys to their new home. * Some sensitive information has been changed in the details below to protect the privacy of the people involved in this attack.Īll seemed to be going according to plan. Spear Phishing for Mortgages - the attacker attempts to interfere with a mortgage closure and almost runs off with a large sum of money if it wasn’t for an alert user. In this month’s Threat Spotlight, we take a look at a recent attack attempt that was made at the eleventh hour of a mortgage deal in an effort to trick a home buyer into wiring a large payment into the wrong hands. Sadly this is a real scenario, and as spear phishing attacks continue to increase - people, businesses, and brands should be on high alert. They could end up losing the house, a whole lot of money, personal information, and much more. But what if that breath got delayed, or worse - never came because a cybercriminal interfered with the process and had the loan payment wired to them instead of the seller? This nightmare scenario can have substantial financial consequences for the homebuyer. When you think about the amount of time and effort it takes to not only find the perfect house, get an offer accepted, and ultimately make it through the signing process - the deep breath at the end is truly refreshing. Buying a house is one of the most important purchases people ever make, and often one they’ve been saving for years in order to finally place their signature on the closing documents.
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