A Silicon Valley executive fell victim to a sophisticated cybercrime scheme, losing $400,000 while attempting to purchase a home.

Rana Robillard, a 25-year veteran of tech companies, received what appeared to be a legitimate email from her mortgage broker with instructions to wire a down payment. Unbeknownst to her, the email was from a cybercriminal who had infiltrated the communication chain.

Robillard only realized she had been scammed when she received a duplicate request for the down payment the following day. “That’s when I went into a full panic,” she told CNBC.

Rising Threat of Cybercrime in Real Estate

This incident highlights the growing threat of cybercrime in real estate transactions. According to FBI data, losses from such scams skyrocketed from less than $9 million in 2015 to $446.1 million in 2022.

Despite initial hope when the FBI located and froze the funds, Robillard faced months of frustration trying to recover her money. She reached out to various agencies and officials but found little progress or information.

After more than five months and following CNBC’s inquiries, JPMorgan Chase was able to recover all of Robillard’s funds. A spokesman for the bank stated, “We are sorry to hear that Ms. Robillard was tricked into sending funds from her real estate transaction to an imposter.”

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Robillard acknowledges she could have been more cautious but also sees room for improvement in the real estate transaction process. She warns that advances in artificial intelligence will give criminals more tools to impersonate trusted parties.

“The banks and real estate companies weren’t even prepared for the old world, how are they going to handle the new one?” Robillard cautioned. “Nobody’s ready for what’s coming.”

Read more at CNBC