Purchasing a property is a thrilling experience, but it’s crucial to stay vigilant during the process. Cyber scams, hacking, data breaches, fraud, and data theft are constantly on the rise, and the property market is not excluded. In fact, Australians lost over $560 million to scammers in a single year, with 12.1% of that sum never recovered.
Here are five common property scams to watch out for and how you can steer clear of them:
1. Payment redirection scams
These scams occur when scammers hack into the email database of legitimate businesses, such as real estate agents, brokers, or conveyancers, and intercept transactional emails. They alter bank details, forwarding the email to unsuspecting clients who then send their deposits to the scammer’s account. Always double-check bank details with the person or business you’re expecting to pay.
2. Fraudulent rental property listing scams
Scammers pose as landlords or property owners offering prospective tenants attractive deals on rental properties. They ask for rental bonds and advance rent, only to disappear with the money once the payment is made. Guard yourself by conducting thorough research, never handing over money without inspecting the property, and using verified platforms like realestate.com.au.
3. Phishing scams
Scammers infiltrate sensitive information by hacking into legitimate businesses or individuals, such as real estate agents. Protect yourself by avoiding public Wi-Fi when accessing sensitive data and using unique passwords and email combinations for different websites.
4. Overseas buying opportunities scams
Be wary of tempting overseas property investment offers. While some deals may appear irresistible, remember that if something seems too good to be true, it usually is.
5. Real estate seminar scams
Some real estate seminars or webinars may pressure attendees to make on-the-spot decisions and invest in properties. Exercise caution and avoid such schemes.
To safeguard yourself from scams:
– Verify bank details before transferring money.
– Double-check email addresses for legitimacy.
– Avoid clicking on suspicious links or text messages.
– Inspect properties before making any payments.
– Use verified platforms for property searches.
– Utilize unique password/email combinations.
– Regularly monitor your credit score.
If you suspect you’ve been hacked, immediately report the issue to the appropriate agency for prompt action.
In conclusion, remaining vigilant and proactive can save your hard-earned money from falling into the wrong hands. Always seek independent advice from a trusted professional before making any property investments. Remember that knowledge is power, and taking the time to thoroughly research can help you avoid costly mistakes in property investment.
