The Real Deal New York

Scammed homebuyer to recoup lost money through job as a cybersecurity spokesman

Aaron Cole has been hired by his title firm WFG National
December 29, 2018 03:00PM

(Credit: iStock)

An Oregon resident who lost the down payment on his new home to a scam will recoup the money he lost by working as a cybersecurity spokesman for his title company.

Aaron Cole had received an email on Dec. 3 with instructions for wiring a $122,850 down payment on his new home, so he followed the instructions and transferred the funds only to find out days later that he had sent the money to scammers rather than to his title company, according to Inman.

Cole had already sold their former home, so he and his family didn’t have a place to live. After their case was reported on by local media, his title firm WFG National Title and Insurance Company came up with a solution: to hire Cole as a spokesman about what it is like to be the victim of a cyber scam.

Cole will not leave his day job to take the position, and it will pay the same amount of money that he lost. Thanks to the arrangement, he was able to pay the down payment on the new home after all.

Wire fraud is a growing problem in the United States. Americans lost $360 million to it in 2016, $675 million to it in 2017 and are on track to lose more than $1 billion to it this year. [Inman] – Eddie Small