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News Category Global Banking & Finance Reviews Homebuyer s Life Savings Stolen in Wire Fraud and then Successfully Recovered for a Timely Closing GRAND RAPIDS, Mich., Feb. 23, 2021 /PRNewswire/  Buyers involved in the home purchasing process are at risk of losing their life savings to cyber criminals as they seek to divert wire transfers to fraudulent accounts. This type of fraud, commonly referred to as “Business Email Compromise” or “BEC” costs companies and consumers over $3.5 billion in recent years, according to the FBI s most recent Internet Crime Report – accounting for nearly half of all cybercrime losses.  As a second-time home buyer outside of Denver prepared for the purchase of his new home, he received an email appearing to come from the title company asking him to wire his closing funds early in the transaction.  “The emails appeared convincing and included my exact amount for closing that had previously been discussed by the title company,” sa

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