The Downpayment Scam-Home Buyers Beware

Scammers have devised a new scheme to steal thousands of dollars from home buyers who are about to close on a house. Ryan Kalember, Senior Vice President of Cybersecurity Strategy for online security company Proofpoint said buyers are often tricked into wiring their down payment on the day of closing to a fraudulent offshore account, by criminals who have hacked their real estate agent's or title company's email account. He explained how consumers can protect themselves.