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The real estate industry is a sector that's extremely profitable if done right. Big money, big opportunities. However, on the same token, criminals prey on the weak and use creative ways to make a lot of money by scamming victims all over the world, whether buyers, sellers, or realtors. This week we caught up with a few fraud prevention experts and real estate professionals. We invited them to share new tips and expose some prevalent scams they're aware of, which are happening now. The same scam is exposed with different words by Robert Siciliano, fraud prevention expert with Safr. Bill Baker's email account gets hacked. Ahhh, the hacker sees you have an upcoming closing. You follow these instructions. This scam can also target your escrow agent. It was just a matter of time until scammers recognized the opportunity to target real estate agents and their clients. The lax security defenses of the real estate industry haven't helped. Unlike the entire financial sector who have encrypted communications, the real estate industry is a hodgepodge of free email accounts and unprotected connections.
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