Homebuyers beware: New scam could significantly impact purchase

Police are warning homebuyers about a new scam that could significantly impact a major purchase.

Police say fraudsters access sensitive information about a real estate transaction and send an email posing as the realtor or lawyer to the buyer.

They say the email contains information and instructions to wire closing funds from the house purchase.

"Unfortunately, once you send the wire transfer, the fraudster will divert the funds to their own accounts," police noted in a release Friday.

Police advise speaking with the realtor or lawyer via phone or in-person to verify any transactions and confirm details.

Be vigilant about checking email addresses because the email text may seem legitimate.

"Although buying a home can be a stressful and fast-paced process, there is always time to ensure you're not falling victim to fraud," police added.

Barrie police say the fraud is called 'spear-phishing' and was recently reported in the city.

They aim to make the public aware of scams during March, which is Fraud Prevention Month.