Protect Yourself from Common Rental Scams
Here is just one common way rental scams are working across the USA and Canada, particulary in urban locations where affordable housing shortages have created heavy demand. Scammers masquerade as prospective buyers and contact the real estate agent to obtain the door code with a request to see the unoccupied house they have found listed online.
They will then list the property for rent, after gaining access. Scammers will also provide potential tenants the same access to the residence, since they have already been given the door code. Next, they will forge a phony lease, take money for a deposit, and soon disappear once cash is in hand. Tenants have no choice but to accept it when the true owners step forward.
Early in the process, and certainly before handing over any amount of cash to a complete stranger, you must practice a healty skepticism because there is no way out once you become a victim.
This type of dangerous scam first appeared about fifteen years ago. In order to ensure that you are paying the legitimate owner, it would be wise to look up property records online. Much of this information is public, and freely available to public inquiry.
Fraud has increased in painful leaps as a result of the real estate market and current conditions, which include inflation, scarcity and exorbitant rental increases. RentCafe data shows that the average time it takes to locate occupiers for vacant houses is 41 days, and the national competition score is close to 74 out of 100. In light of the current situation, rental scams frequently succeed because they give the impression of being real, especially in a competitive market where tenants are eager to locate cheap accommodations.
Given current economic conditions, rental scams tend to work because they often seem legitimate... especially in a competitive market where renters are eager to find affordable housing. However, there are steps you can take to protect yourself from any of them.
First, always insist on meeting the owner or property manager in person and never send money — including application fees or deposits — before viewing the property. This protects you from less sophisticated rental scams.
Before signing a lease, look for the address on real estate advertising sites. Scammers often target vacant homes for sale because it is easier for them to gain access and steal photos. If the property you are interested in is advertised as for sale, this may be a red flag. Sellers will not be keen to rent a property they have put up for sale.
Be certain to check public property records to find out who owns the residence. These records are most often available online, on city or county websites.
If the name on the register does not match the person you are contacting, ask to speak to the owner.
If you are signing a lease, use a verified payment method, such as a check or ACH transfer. These methods can provide recourse if the transaction turns out to be fraudulent. The most important thing is to trust your instincts. If the rental price seems too good to be true, it probably is.
Scammers often offer rental properties at below-market rates to attract desperate tenants willing to ignore other red flags. Advancements in technology have made it easier than ever for rental scammers to scam unsuspecting renters. Use your digital cell-phone camera to record the transaction before you turn over any cash, or payment, to someone you may never see again.
Although updated delivery methods and information can change frequently and quickly, following safety measures in advance, can help to protect you against the latest and most painful scams.
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October 2024
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How to Avoid Scams
Although scammers' delivery methods and information can change frequently and quickly, a few safety measures can help protect you from the latest and most common scams:
Be suspicious when someone, unknown, contacts you. Fraudsters can make phone calls and emails appear to be from a variety of sources, including government agencies, charities, banks and large businesses. Do not share personal information, usernames, passwords or one-time codes that others can use to access your account or steal your identity.
Do not click on unknown links. Whether the link comes to you via email, text message, or direct message, do not click on it unless you know the sender has good intentions. If the message claims to be from a company or government agency, call the company using the number you verify yourself to confirm its authenticity. Be careful with your phone. Likewise, if you suspect an unwanted call, do not answer or press any buttons. The best option is to decline or ignore the call altogether. You can always monitor the meeting and call yourself if you think there might be a problem.
Support multiple searches. Add this feature to any account that offers it as an option, and try using SMS-free mode to protect against SIM changes. Research the companies before doing anything. Before making a purchase or gift, take a few minutes to research the company. Do a web search for the name followed by "scam" or "surveillance" and look for charities on Charity Navigator and CharityWatch.
Do not refund or transfer overpayments. Be careful when a company, or person, asks you to pay back or transfer part of a payment. Often, the first payment will be fraudulent and returned later. Look for suspicious payment requests. Fraudsters often ask for money via bank transfer, money order, cryptocurrency or gift card. These payments can be more difficult to track and cancel than other types of payments, which can leave you without a refund.
Create a family password.? Create a family password that you can use to verify that it is one of you on the phone, not the person who created your ringtone.
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Cellphone Text Scams
Particularly common varieties of cellphone-based scams are those that include text messages. According to the Federal Trade Commission (FTC), one explanation might be the ease and low cost of texting. American victims of SMS scams lost more than $330 million in 2022, according to the 2022 Consumer Sentinel Network Data Book.
The bold con artists use a variety of guises to carry out their frauds, but they frequently pose as well-known businesses such as banks, internet merchants, delivery services, or governmental organizations. They might claim that your payment is past due, that there was suspicious activity in your account, that your item could not be delivered, or that you were chosen for a job interview.
They offer no financial solutions because they do not ask for money. Instead, in order to gain your trust, they simply want you to phone a number or click on a link to a website. That is their single identifying commonality. These are often smishing efforts meant to trick you into disclosing personal information or infecting your device with malware.
Payment Scams on Zelle
Peer-to-peer payment provider software, Zelle, is being used by scammers to steal victims' money.
The con artist may contact you via phone, text, or email while posing as a member of the fraud department of your bank, or credit union. They will say that you need to lead them through fixing a problem since they believe someone was attempting to steal your money using Zelle. Afterwards, they could tell you to send the funds to yourself, but in reality, the funds will wind up in their account. It is just another sophisticated set-up.
Midway in 2023, Zelle started returning money to con victims. But, reimbursements may not always be available. Therefore, it is crucial to be cautious of these kinds of financial frauds. They are dangerous and should be avoided at any cost.
Cryptocurrency Scams
Even if the Bitcoin craze may have subsided, con artists are still operating. These scams can come in a variety of shapes and sizes, and they could feature fictitious giveaways, competitions, rewards, or early investment possibilities.
Scammers may pose as well-known figures, or use well-known cryptocurrency websites, to trick people into transferring money, disclosing login credentials, or investing in a rewarding project. Bot attacks caused by malware infections in your computer hard drive, has also been used to target cryptocurrency exchange accounts in an attempt to keep you from receiving your money transfer while the fraudster empties your account.
Love & Romance Scams
Even though romance scams are nothing new, more people are falling for them every day. The FTC estimates that in 2022, victims of love and romance scams lost $1.3 billion, with a typical loss of $4,400.
In order to meet victims, scammers frequently take advantage of identity theft, or will fabricate profiles on social media and dating apps. Scammers may use stock images and offer reasons why they are unable to meet in person, but there is no foolproof way to spot a fake.
They might ask you to send them money, or buy them anything when they have earned your trust (a down payment on a new vehicle, for instance). Alternatively, the individual might have sent you money by mistake and are now asking you to return it. Should your bank subsequently establish that their payment was fraudulent, the total amount of the payment will soon be subtracted from your account.
Many romance scams start with private messages on social media or dating apps. And they can target anyone — some scammers even seek to form platonic rather than romantic relationships. Either way, once the subject is broached, it is time to wise up.
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