The Millstone Times March 2020

REAL ESTATE

How to avoid a mortgage phishing scam 1. Identify two trusted individuals to confirm the closing process and payment instructions. Ahead of your mortgage closing, dis- cuss in person, or by phone, the closing process and money transfer protocols with these trusted individuals (realtor, settlement agent, etc.). Be cautious about exchanging any details about your closing over email. You may want to use this opportunity to also create a code phrase, known only by these trusted parties, if you need a se- cure way to confirm their identities in the future. 2. Write down their names and contact information. Use the Bu- reau’s Mortgage Closing Checklist at www.consumerfinance.gov to list these individuals and their primary phone numbers. 3. Before wiring money, always confirm instructions with your trusted representatives. Never follow instructions contained in an email. Verify the closing instructions, including the account name and number, with your trusted representatives either in per- son or by using the phone number you previously agreed to. 4. Avoid using phone numbers or links in an email. Again, scammers can closely replicate the email address, phone number and format of an exchange from your agents. Avoid clicking on any links or down- loading attachments without first confirming with your trusted rep- resentatives. 5. Do NOT email financial information. Email is never a secure way to send financial information. 6. Be mindful of phone conversations. It may be difficult to identify whether a phone call is fraudulent or legitimate. Scammers may call and ask you to verify your personal or financial information. When in doubt, always refer back to your trusted professionals to confirm whether it’s legitimate. What to do if it happens to you • Contact your bank or wire-transfer company immediately. Ask for a wire recall. Reporting the error as soon as possible can increase the likelihood that you’ll be able to recover your money. • File a complaint with the FBI. Contact the FBI’s Internet Crime Complaint Center at www.ic3.gov. While it can be easy to think you’ll never fall for a scam of this nature, the reality is that it’s becoming more and more common, and the results can be disastrous for eager homeowners. By being mindful and taking a few important steps ahead of your closing, you can protect yourself and your loved ones. To learn more about the closing process, including how to prepare for your closing and common pitfalls to avoid, check out our Mortgage Closing Checklist at www.consumerfinance.gov. For information and resources for the each stage of the home-buying journey, visit the Bu- reau’s Buying a Housetool at www.consumerfinance.gov. The resources on mortgage closing scams are part of the Consumer Financial Protection Bureau’s work to protect consumers from unfair, deceptive, or abusive practices. We arm people with the information, steps, and tools that they need to make smart financial decisions.

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32 The Millstone Times

March 2020