A young, first-time home buyer was filled with excitement to finally own a home. She had her offer accepted and secured her loan in the fast-paced, COVID-era, 2020 housing market, when home prices were climbing fast. But on the eve of closing, the $30,000 downpayment she wired vanished. A scammer had intercepted the transaction, impersonated a trusted party and diverted the buyer’s entire life savings.
It took two years to recover the money. Even though it came years later, she was still considered lucky—too often, the funds are never recovered. Leaving home buyers without their money—or their home, says Tom Cronkright II, a real estate broker and co-founder and executive chairman of the wire fraud protection firm CertifID.
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