New Guide: 3 Easy Ways to Identify Real Estate Fraud
Real estate fraud is on the rise. As an industry, it’s on us to combat these growing threats head-on to ensure the integrity of online real estate transactions.
That's why we're proud to announce our latest eBook: 3 Easy Ways to Identify Real Estate Fraud. This free guide uses the latest research and real-life anecdotes to highlight the growing complexities of fraud, the clues that may hint at a fraudulent transaction, and the business processes you can adopt to stop fraud in its tracks.
We have been taught from an early age that the Internet can be a dangerous place.We’re told to download anti-virus software the second we buy a new computer. Don’t open emails from strangers. Make our passwords easy to remember, but not so easy that someone can guess them.
What happens when you play by the rules and still get burned?
Phishing scams and email hacking are a growing issue in the real estate sector, an industry where fraud has long been a concern. And that fraud comes in all shapes and sizes: a phishing scam stole $1.5 million from a couple in Washington, D.C.; a Foxconn executive was swindled out of $260,000 in a wire fraud scam; a man was sentenced to nearly 20 years in prison for running a $100 million Ponzi scheme in which he had fake, blank timber deeds notarized through a UPS store in Mississippi.
These are just the tip of the iceberg. Thousands of prospective homebuyers have seen their down payments – sometimes their life savings – snatched by criminals looking to make a quick buck. The digitization of the mortgage process has only stoked fears about wire fraud and phantom transactions in the real estate space.
We hear constantly that technology is simply a tool for fraud, but the truth of the matter is technology is also one of our best tools in combating fraud. There are steps we can take, processes we can adopt, and technology we can employ that can help us fight fraud and instill trust into the most important purchase of a person’s life.
This guide will highlight three easy ways to identify real estate fraud before it happens, security and procedural processes that will help protect each transaction, and why trust is the most important service you can offer your customers.