Developed by the Federal Trade Commission (FTC), Consumer Protection Week is dedicated to educating consumers on how they can protect their money, privacy, and prevent identity theft. The real estate world is not immune to such issues, and Realtors® need to be aware of any suspicious behavior and take action to protect themselves and their clients.
Be Aware of Wire Fraud
According to FBI data, 11,677 people were victims of wire fraud in the real estate and rental sector in 2019, with losses of more than $221 million.
Criminals posing as Realtors®, attorneys, and title company professionals con buyers into diverting their closing payments to fraudulent banks. Victims often lose life savings that cannot be recovered.
To help increase consumer awareness, NAR has partnered with the Coalition to Stop Real Estate Wire Fraud to provide educational resources. They also offer these useful tips for helping your clients G:
- Informed about the growing threat of real estate wire transfer fraud.
- Educated about the entire wiring process. Emphasize that you will not email changes about wiring instructions or payment information.
- Aware that they should call you and confirm all wiring instructions. Also, have them contact you after completing all wire transfers.
Lastly, be prepared for fraud with an immediate response plan. Read more about how to take action against wire fraud: https://www.nar.realtor/wire-fraud
Preventing Cybercrime During COVID
With the pandemic making us even more dependent on our virtual worlds, it's imperative to be cognizant of scammers trying to steal information.
These criminals will exploit interest in news about the pandemic and claim to have important information about government health requirements and restrictions, and COVID vaccines. They trick people into clicking on the false links or entering their account credentials, which provides high-tech thieves access to email, bank accounts, or other sensitive information.
Make sure to diligently check your email account for any suspicious activity. Also be sure to examine your deleted email folder and your mailbox settings. If you see any suspicious activity, such as automatic forwarding to an outside email account, change your password immediately.
Check out more resources on preventing cybercrime: https://www.nar.realtor/window-to-the-law/preventing-cybercrime-during-covid-19