SCAMS SCAMS SCAMS

1. Wire fraud scams. This is not a new scam, but there are still reports that this is occurring. For this scam, the fraudsters impersonate real estate professionals and trick victims into wiring funds into fraudulent accounts. Typically the criminals will do this through email. A simple way for a buyer to avoid becoming a victim of this fraud is to pick up the phone and confirm with the closing agent what the wiring instructions are. For real estate licensees, make sure you are using secure communication methods.

2. Deed fraud and title theft. This scam typically involves vacant land owned by an out-of -state/country owner or an estate property. The fraudster steals personal information pretending to be the seller. They then forge a signature to transfer someone else’s real property. Next, when the property is in the fraudster’s name, they will attempt to mortgage or sell the property to an innocent third party. In 2023, Florida enacted a new law requiring each clerk of court to “create, maintain, and operate a free recording notification service…”.

3. Email phishing scams. Scammers send fraudulent emails impersonating real estate professionals to steal personal information and payments. Sometimes this looks like the first example above, but not always. Be cautious of unsolicited offers.

4. Pig butchering. This commonly starts with a seemingly innocent contact. The scammer then builds a rapport with the victim, flaunts their “financial savvy” and ultimately directs the victim to a fraudulent cryptocurrency platform.

5. Fake listing and rental scams. Fraudsters will create attractive (but fake!) listings. These fake listings are used to lure unsuspecting renters. The goal is typically to steal deposits.