When Rana Robillard found her dream home in Orinda, California, she was thrilled to learn she had outbid three other buyers. “When Robillard (…) received an email from her mortgage broker in late January instructing her to wire a $398,359.58 down payment to a JPMorganChase account, she wasted no time sending the money,” wrote Hugh Son at CNBC.
Read more: The 6 best cities to buy property in the next 5 years, according to real estate agents
Learn more: 7 reasons why you should consider a financial advisor to boost your savings
Although the email came from the agent’s address and looked identical to emails she’d previously exchanged with him, it wasn’t from the agent at all. Instead, it came from a hacker—a startling realization Robillard made after receiving “a second, seemingly duplicate deposit request” the next day.
“This is called Business Email Compromise,” explained Maria-Kristina Hayden, CEO and founder of OUTFOXM. “It’s one of the most lucrative types of attacks currently in circulation because it takes advantage of people’s carelessness when it comes to email. We’ve become so used to sending and receiving confidential information and instructions via email, and criminals are taking advantage of this information.”
So what can you do to avoid this type of scam? GoBankingRates spoke to cybersecurity experts to find out seven ways to save your money and keep it safe.
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Call and confirm
“Before you transfer money, call and confirm the banking information of the phone number you used to communicate,” explains Chris Henderson, Senior Director of Threat Operations at Huntress.
See also: Mortgage rates are falling: 20 real estate markets with the cheapest home prices
However, don’t call the number on the wire transfer instructions, as doing so could lead you to the very people trying to rob you. Henderson stressed that in general, you should play it safe and assume that digitally transmitted instructions are always fake. Also, never click on any links that are sent to you.
Secure portals
Carl Herberger, CEO of Coreo Network Security, recommends avoiding email correspondence when exchanging confidential information and instead using secure portals. This way, the information is encrypted and harder to intercept. Avoid public Wi-Fi networks when banking online and opt for VPNs instead.
Multi-factor authentication
Herberger suggested implementing multi-factor authentication “for all accounts involved in the transaction.” Since it’s possible for anyone to get their hands on your username and password, a second form of authentication, such as a fingerprint or one-time PIN, can help ensure you are who you say you are.
Beware of last-minute changes
Shawn Waldman, CEO and founder of Secure Cyber, says the biggest red flag that identifies a scam is the buyer receiving last-minute changes to transaction details. Because cybercriminals take advantage of the urgency and high value of transactions like buying a home, buyers may take the bait when they are in a heightened and vulnerable state.
So if your routing or banking details suddenly change, you should back out.
Inquire
“With the rise of AI, it has become frighteningly easy for fraudsters to impersonate brokers, copy emails, and use the same tone and structure in their communications,” explained Karen Zilberstein, VP of Product at Guardio. That’s why buyers must remain vigilant when asking banks and other parties what advanced protection and security tools (like Guardio) are in place to safeguard large transactions.
If the protection is inadequate or appears inadequate, proceed at your own risk.
Trust your instincts
Your gut instinct rarely deceives you, and you should trust what it tells you. “If something feels weird, it probably is,” explains Ian Paterson, CEO/Founder of Plurilock Security.
Stop and consider the situation before taking action, especially if something seems unclear to you. Electronic transfers are irreversible.
Go old school
This is probably the safest method. To ensure the greatest security, simply avoid online transactions altogether. Instead, says Joe Warnimont, security and technology expert at HostingAdvice, “do it the old-fashioned way: insist on paying with a check, then walk or drive to the bank or title company.”
Next Steps
So what should you do if you become the unfortunate victim of a cyber scam? Jon Clay, VP of Threat Intelligence at Trend Micro, stressed the importance of acting immediately. In other words, as soon as you suspect that a crime may have taken place, contact both your bank and the receiving bank to see if it is still possible to freeze the transaction.
If the funds have already been released, scammers will quickly move them through multiple banks to make them harder to track, so time is of the essence. Then, report the incident to the FBI’s Internet Crime Complaint (IC3) and local law enforcement. “If you are persistent with pursuing banks and authorities, you can sometimes get the funds back, although the process can be lengthy and frustrating,” Clay explained.
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This article originally appeared on GOBankingRates.com: This Executive Lost Her Life Savings in a Real Estate Scam: 7 Key Ways to Keep Your Money Safe
