Today, we’re talking about a sophisticated scam that targeted prospective homeowners and real estate companies, leading to significant financial losses. Let’s break it down to help you understand and protect yourself.
The Story
Kolade Akinwale Ojelade, a 34-year-old Nigerian man living in Leicester, has pleaded guilty to wire fraud and identity theft. He orchestrated a phishing and spoofing attack that tricked homeowners and real estate companies into wiring money to accounts he controlled. Ojelade was extradited from the U.K. to the U.S. and now faces up to 32 years in prison.
How the Scam Worked:
- Phishing Emails: Ojelade sent fraudulent emails to real estate businesses, gaining unauthorized access to their accounts.
- Email Monitoring: He monitored email traffic to identify when large transactions were about to happen.
- Spoofing: Ojelade intercepted wire payment instructions, altered the details, and resent the emails using spoofed addresses that mimicked the original senders.
- Money Transfers: Victims, believing they were making legitimate payments, wired money to accounts controlled by Ojelade and his co-conspirators. The funds were then quickly withdrawn or transferred to other accounts.
Impact on Victims: The scam had devastating effects on victims, including prospective homeowners who lost their down payments and real estate companies that lost substantial sums of money.
Regulator-Validated Practices to Protect Yourself:
- Confirm Wiring Instructions: Always verify wire transfer details in person or by phone using known contact information.
- Be Skeptical of Emails: Be cautious of any email requesting wire transfers, especially if the email address seems slightly off.
- Report Quickly: If you suspect you’ve been scammed, contact your bank immediately to request a wire recall.
Personal Touch: Imagine you’ve found your dream home and are ready to make a down payment, only to discover that your money has been stolen by a scammer. It’s a nightmare scenario, but by staying vigilant and verifying all transactions, you can protect yourself from such fraud.
Stay sharp, Scamstallers, and let’s keep each other safe from these crafty scammers! To read more, find original article here