Bay East urges members to stay alert as new and evolving fraud schemes continue to impact the real estate profession. From devastating cryptocurrency scams to a rise in deed fraud, these threats underscore the importance of vigilance and awareness in your daily business practices.
Members should be aware of recent fraudulent practices targeting real estate professionals.
A new cryptocurrency scam has emerged, specifically aimed at agents. The U.S. Secret Service has notified organized real estate of this scheme, in which some agents have lost significant sums—including their entire retirement accounts.
Deed fraud is also on the rise. An informal survey conducted by NAR among Government Affairs Directors, state counsel, and Association Executives found:
- 63% of respondents were aware of deed fraud incidents in their markets within the past 12 months.
- 76% reported that efforts to combat title fraud and deed theft are in place, primarily through internal REALTOR® association policies and state-level legislation.
- 83% believe that an electronic notification system for property owners is the most effective solution.
As these scams grow in sophistication, it’s critical for members to remain informed and take proactive steps to protect themselves and their clients.
Visit NAR’s article for more information – https://www.nar.realtor/research-and-statistics/research-reports/deed-and-title-fraud-survey