- My Forums
- Tiger Rant
- LSU Score Board
- LSU Recruiting
- SEC Rant
- SEC Score Board
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Title Company takes large loss on payoff scam
Posted on 8/13/25 at 6:46 pm
Posted on 8/13/25 at 6:46 pm
LINK
Looks like this is a local title company in Baton Rouge. Anybody know which one?
Looks like this is a local title company in Baton Rouge. Anybody know which one?
quote:
According to the warrant, the title company got a legitimate email from a bank they have done plenty of past business with, requesting information about an upcoming commercial loan payoff. Six days later, the title company received another email, this time from a nearly identical email address, with only one letter changed. That second email asked the title company to change the payoff amount and to generate the payment. The title company then sent a wire transfer in the amount of 932,881.72 to the account number noted in the alleged fraudulent email.
20
Posted on 8/13/25 at 6:49 pm to LSU1018
Oooof. You know how much money that is to a Nigerian?
This post was edited on 8/13/25 at 6:49 pm
Posted on 8/13/25 at 6:51 pm to LSU1018
Soooo embarrassing waiting on what company…
Posted on 8/13/25 at 6:54 pm to LSU1018
quote:
nearly identical email address
Posted on 8/13/25 at 7:06 pm to LSU1018
It happened to my sister in law last year. Tbey were sol 50k for their down payment.
Posted on 8/13/25 at 7:11 pm to LSU1018
Just me, but I never hit a link to pay ANYTHING off an email. I’ll look at the email, then go to that banks app to verify before I send anything.
I distrust emails more than this admin releasing the Epstein files
I distrust emails more than this admin releasing the Epstein files
Posted on 8/13/25 at 7:15 pm to rowbear1922
When I paid off my house I did it by check sent by FedEx. frick wiring that amount of money.
Posted on 8/13/25 at 7:16 pm to LSU1018
Shouldn't be too hard to narrow down. Who does the kind of volume where they're that careless with 900K? For that kind of money I'm hand delivering the check or using Fedex.
Posted on 8/13/25 at 7:38 pm to UptownJoeBrown
quote:
When I paid off my house I did it by check sent by FedEx. frick wiring that amount of money.
Point being, it’s just dumb to hit a link in an email and pay.
Maybe it’s just me, but I’m cautious of any email I get. Period. AI is only getting better and you have to be a retard to click a link, even from something you trust.
Posted on 8/13/25 at 7:53 pm to LSU1018
That’s why you always call the bank you’re sending the money to and verify the wiring instructions that you have (don’t call the phone number in the email, though, call the number from their legitimate website).
This post was edited on 8/13/25 at 7:55 pm
Posted on 8/13/25 at 7:54 pm to LSU1018
Always confirm wire instructions, and independently research instruction verification information.
I've seen considerably bigger losses than this. It's so common in law.
I've seen considerably bigger losses than this. It's so common in law.
Posted on 8/13/25 at 7:56 pm to LSU1018
Any wire transaction over $50,000 needs to be vetted and scrutinized if you are a small business.
Posted on 8/13/25 at 7:56 pm to Jim Rockford
Commercial deal payoffs are typically coming out of purchase price, and nobody is closing on checks. Wires are a necessity.
Posted on 8/13/25 at 7:57 pm to Bawpaw
quote:Who was SOL….your SIL or the title company?
It happened to my sister in law last year. Tbey were sol 50k for their down payment.
For each time I had a closing, I brought the title company a cashier’s check that covered my down payment and all other closing expenses. Then the title company deals with the rest…cutting a check to the seller, wire transfer for the seller’s mortgage payotf, etc. If the title company wired the money to the wrong place after I brought them a cashier’s check, that’s on the title company to fix it.
This post was edited on 8/13/25 at 7:58 pm
Posted on 8/13/25 at 8:06 pm to LSU1018
We have protocols in place.
I’ve had to move nine figure sums across the Atlantic, and let me tell you, it was stressful. We had about six layers of confirmation.
I’ve been worried about AI mimicking a known voice. Not going to outline them here, but I’ve set up ways to detect that. Scammers have gotten ridiculously sophisticated.
(It wasn’t my money, so no subtle brag.)
I’ve had to move nine figure sums across the Atlantic, and let me tell you, it was stressful. We had about six layers of confirmation.
I’ve been worried about AI mimicking a known voice. Not going to outline them here, but I’ve set up ways to detect that. Scammers have gotten ridiculously sophisticated.
(It wasn’t my money, so no subtle brag.)
This post was edited on 8/13/25 at 8:07 pm
Posted on 8/13/25 at 8:07 pm to LSU1018
SOP now is to always call and verify wire instructions with a human.
Posted on 8/13/25 at 8:56 pm to LSU1018
Sounds like someone really screwed up. That’s pretty lax treatment of $1 million. I have been involved in some large transactions and they were very secure and you are usually on the phone with the people involved. Something doesn’t sound right here.
Posted on 8/13/25 at 9:35 pm to Reagan80
quote:
Something doesn’t sound right here.
Inside job?
Posted on 8/13/25 at 9:45 pm to LSU1018
Once a wire goes out that’s it. I always tell my people to call and verify wiring instructions before sending. Title company should have known better. Scammers scan the email world for the words “wire” and “wiring instructions “, then send those emails. Gotta be more careful.
Posted on 8/13/25 at 9:45 pm to LSU1018
How the hell do you not see the different email account and how big of a hurry was this person in?
Also, typically 2 different people are involved in the wire initiation & then approval at the bank (at least at my company).
Sophos or other cybersecurity measures likely would’ve caught this (quarantine new external emails until verified & allowed going forward).
I guess if your hit rate is <1%, but you blast 1,000s of people - a Nigerian Prince could become an OT Baller
Also, typically 2 different people are involved in the wire initiation & then approval at the bank (at least at my company).
Sophos or other cybersecurity measures likely would’ve caught this (quarantine new external emails until verified & allowed going forward).
I guess if your hit rate is <1%, but you blast 1,000s of people - a Nigerian Prince could become an OT Baller
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News