Mortgage Phishing Scams Target Big Payouts
Security Week | July 31, 2017
Over the last few years, business email compromise (BEC) scams have rocketed -- costing victims $1.45 billion in 2016 alone (FBI report). Now a new related threat has emerged -- the mortgage phishing scam -- that seems likely to follow a similar trajectory. It is early days and the scam -- like BEC in its early days -- goes by various names: mortgage phish, mortgage escrow scam, real estate wire transfer scam, and mortgage wiring scam. But it is growing.