Scammers use phony letterheads to send letters to loan borrowers stating the bank handed over the responsibility for servicing their home loans to another company.

This was the case with Bank of America customers being informed that their home loans were moved to Great Western Business Services, a phony group created by scammers. The letters trick people into sending their mortgage checks to a post office box registered to the new company.

To make it look more official, scammers set up phone lines for the newly created company, answering calls from people who receive letters and want to check if that company really exists. Once the scammers get the victims’ trust, they will ask for bank account confirmation and other personal info.

How to avoid: if you are not sure, call your bank to verify, not the new created company.