I understand that the money is gone, but doesn't the US bank know who owns

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Mar 23, 2023
10:06:26am

Doogal McCougar All-American

I understand that the money is gone, but doesn't the US bank know who owns

the receiving account?

Is it that easy to set up a shill bank account?

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Doogal McCougar

Previous username: boscatar
Bio page: Doogal McCougar
Joined: Jun 14, 2012
Last login: Jun 10, 2024
Total posts: 15,629 (1 FO)

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Messages

Author

Time

Bank wire fraud in real estate. People lose their down payment to scammers. Why

BNcoug

3/22/23 11:20pm

I’m always 20% worried I’m being scammed by a fraudulent title company

3/22/23 11:23pm

We just closed on some land. I called the title company twice to confirm wiring instructions after reading this story.

fldnstrm

3/22/23 11:26pm

This.

mulletino

3/22/23 11:35pm

When we closed on our house, they told us they would be providing wire

UberDeek

3/22/23 11:40pm

This couple from San Diego lost almost 800k. Same thing.

SausageKing

3/23/23 12:00am

I'm doing this on Friday, should be fine but always nerve wracking

BYUFootballisBack

3/23/23 12:21am

Most regular people don't know to NEVER send a wire based on email

Acorn

3/23/23 7:23am

I'm not as familiar with the process. But you give bank the money and they wire

ordinary tri guy

3/23/23 4:53am

Usually what happens is the title company will email you instructions on where

ChiCityCoug

3/23/23 6:20am

I guess this is where I'm confused. We've purchased multiple homes and I've

ordinary tri guy

3/23/23 6:52am

Local moves can be done with cashier's checks. But wires can also be used.

Acorn

3/23/23 7:27am

Seems like a wise thing to do is create a new email when you are buying a house.

MacGyver

3/23/23 9:23am

Another bank receives the money, correct? Seems like it would be relatively easy

Doogal McCougar

3/23/23 8:29am

Often times yes. Or the money is quickly forwarded on to a foreign account.

vegasnative

3/23/23 9:10am

Usually only a few minutes in a US account, then immediately wired overseas.

Acorn

3/23/23 9:56am

I understand that the money is gone, but doesn't the US bank know who owns

Doogal McCougar

3/23/23 10:06am

Fraud is actually pretty easy. Our owner just had somebody set up two $10,000

Acorn

3/23/23 10:15am

The bank can only go off what you tell them. Usually this scams come in the form

ChiCityCoug

3/23/23 6:23am

First time I bought a home I had a scam attempt like this.

bruincoug

3/23/23 6:52am

Happened to a lady I work with. Bad stuff

3/23/23 7:25am

I’m a lender. I’ve never had it happen to one of my clients, but I’ve heard

3/23/23 7:26am

I am seeing some title companies go back to cashier's checks as a preference.

Iman23

3/23/23 7:55am

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