Americans lost more than $213 million to wire fraud scams last year, according to the FBI. Now, a Denver couple, Abby and Drew LeMay, are among the victims, fighting to recover more than $30,000 that vanished in a wire fraud incident involving their title company.
“It feels horrible. We worked so hard for that money,” said Abby LeMay, expressing the emotional toll the loss has taken on the couple.
The LeMays were thrilled to buy their dream home, but their excitement turned to devastation when they unknowingly sent $30,000 in closing costs to a scammer instead of their legitimate title company.
“I had to leave work—I was having a panic attack,” said Drew LeMay, recalling the moment he realized something was wrong.
The couple believes a compromised email system led to the scam. They received what appeared to be legitimate wiring instructions, but upon closer inspection, they noticed that the escrow officer’s email address had been slightly altered. Now, they’re pushing for a deeper investigation into the security breach.
Cybersecurity expert Mitch Tanenbaum of CyberCecurity, who has spent over two decades in the mortgage and title business, explained how scammers operate. “The bad guys compromise the real estate agent’s email and monitor all the communication between the buyer, seller, agent, and title company. Then they spoof that email,” Tanenbaum said.
He urged homebuyers to verify any wire transfer details by calling their bank or title company directly, using a known phone number, not the one provided in an email. “Always call the number you have, not the one in the email,” he emphasized.
The LeMays are now considering legal representation and want to warn others about the dangers of wire fraud in real estate transactions. Drew added, “If possible, bring a check to closing—pay in person.”
First American, the title company involved, confirmed a major data breach in January, but their cybersecurity team maintains that the breach is unrelated to the LeMays’ case.
The Colorado Department of Regulatory Agencies has stated that each wire fraud case is unique, and the response from title insurance companies will depend on the specific facts of each situation.