13 Jul How to fight back against real estate fraud
For most people, the process of buying or selling a home involves the largest transfer of money they’ll make in their lifetimes. From down payments to closing costs to mortgage payoffs, billions of dollars change hands in real estate transactions every year. This is why it’s no surprise that cybercriminals regard the vast real estate market as one huge opportunity to defraud people and steal their money.
However, the sheer amount of real estate cybercrime (such as title and deed fraud, in which hackers impersonate a title company or realtor and misdirect transfers of funds) taking place today is a surprise. We’ve seen an unprecedented explosion in cyberscams targeting home buyers, sellers, and the companies they work with to complete real estate transactions. These scams are costing people hundreds of millions of dollars each year.
To learn more about these scams and how to avoid falling prey, read our special report: How to fight back against real estate fraud