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Cyber Risks · Krebs on Security

Blind Trust in Email Could Cost You Your Home

Summary: In late November 2016, Jon and Dorothy Little were set to close on a $200,000 home in Hendersonville, North Carolina, when hackers forged the closing law firm's letterhead and sent wiring instructions with a Bank of America account controlled by a money mule. The Littles wired the funds the day before settlement, and the FBI later froze $180,000 after the mule forwarded all but a 10 percent commission to a TD Bank account.

Bottom line: The Littles' credit union refused to sign the hold harmless agreement Bank of America required to reverse the transfer, leaving $180,000 in legal limbo for more than four months and forcing them to cancel the house contract. The FBI estimated in June 2016 that wire fraud schemes had already stolen nearly $3.1 billion from more than 22,000 victims.

Read the original at Krebs on Security ↗

Topics
Fraud & Scams
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