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Barbara Corcoran Almost Lost $400K to a Simple Email Scam - Here's How to Avoid It

How one fake email nearly cost Barbara Corcoran $400,000

By Kristin Hitchcock , Edited by Laura Hohenstein

Updated Oct. 13, 2026

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Barbara Corcoran has built a career around spotting good deals, but in 2020, a convincing email scam nearly cost her $388,700. The scary part wasn't that the message looked obviously fraudulent. It looked like a normal request her business might handle on any given day.

That same kind of fraud remains expensive. Business email compromise, or BEC, accounted for about $3 billion in reported losses in 2025, making it the second-highest crime category by losses in FBI data. Knowing what to look for could help you protect your money and lower your financial stress.

Here are the lessons worth taking from Corcoran's close call.

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See how one letter nearly cost Corcoran $400,000

The scam began when Corcoran's bookkeeper received what appeared to be an email from Corcoran's assistant approving a $388,700 invoice for a real estate renovation.

Nothing about the request immediately seemed strange. Corcoran regularly invested in real estate, so a renovation bill made sense. The bookkeeper corresponded with the supposed assistant and ultimately wired the money.

The problem was hidden in the sender's email address: The scammer had changed a single letter.

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Understand why routine requests can be the most dangerous

This wasn't a message promising millions of dollars from a stranger. It fit into Corcoran's normal business activity, which made it much easier to accept at face value.

That is part of what makes business email compromise so effective. The FBI says scammers may spoof legitimate-looking addresses, impersonate executives or vendors, and use information about real invoices and business relationships to make their requests believable.

Look closely at the actual email address

Your inbox may prominently display a sender's name while making the full email address less noticeable. Before sending money, open the sender information and inspect the address itself.

Look for tiny changes such as an added letter, a missing letter, or a slightly different domain. The FBI specifically warns that spoofing may involve changing just one letter, number, or symbol.

That tiny check could have caught the Corcoran scam before the money moved.

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Treat urgency around money as a reason to slow down

A request that pushes you to make a payment quickly deserves more scrutiny, not less.

Scammers often benefit when you don't have enough time to stop, think, or ask someone else whether the transaction makes sense. The FBI recommends being suspicious of secrecy or pressure to act quickly when handling wire transfers.

Even when the bill appears legitimate, an urgent request involving a large sum of money is worth verifying independently.

Verify payment requests outside of email

One of the simplest protections is also one of the most effective: Don't verify a suspicious email by replying to that same email.

Instead, call the person who supposedly made the request using a phone number you already know. You could also start a brand-new email using the address stored in your contacts rather than hitting "reply." The FBI recommends independently confirming requests for transfers and changes to payment information.

Require two people to approve large transfers

For businesses and households that regularly move large amounts of money, one person probably shouldn't be able to approve a major transfer based solely on an email.

A simple policy could require a second employee, spouse, business partner, or manager to independently confirm transactions above a set dollar amount. The FBI has long recommended multi-step or two-step verification procedures for wire transfers.

It adds a little friction, but that friction is exactly the point.

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Be particularly cautious when wiring money

Wire transfers deserve extra attention because recovering the money after it has been sent may be difficult.

Corcoran initially believed her $388,700 was gone. Fortunately, the money had been routed through a German bank on its way to an account in China. Her bank intervened, and the German bank froze the funds long enough for the transfer to be identified as fraudulent. Corcoran ultimately got the money back.

Act immediately if you think you've been scammed

If you realize you've accidentally sent money to a scammer, speed matters. Contact your bank right away and explain that the transfer was fraudulent. You can also file a report with the Internet Crime Complaint Center at IC3.gov.

Sometimes, financial institutions can freeze and recall funds, especially when the fraud is reported quickly. However, recovery isn't guaranteed. Save your emails, transaction information, account numbers, and any other records connected to the scam.

Bottom line

Corcoran's close call shows how convincing email scams can be when they imitate something completely ordinary. Checking the sender's address, verifying payment requests through a separate channel, and slowing down before a large transfer could help you keep more cash in your wallet and avoid an expensive mistake.

One extra safeguard is to set a personal or business dollar threshold that automatically triggers a second verification step. Even if a request looks legitimate, requiring a phone call or another person's approval above that amount can create a useful pause before the money leaves your account.

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