Safety Alert: Three Online Scams Agents Need to Know About

1. WhatsApp Scam:

A member recently notified us of a potential scam that targets users of WhatsApp. Prospects reach out through a lead generation form online, via chats, or by text message. The prospect then insists on using only WhatsApp to communicate and refuses to talk on the phone. This suspicious behavior may mean that the person is not who they say they are.

Practice consistent lead onboarding processes, such as the ones listed in our Safety Alert: Vacant Land Scam Occurring Nationwide to confirm the identity of potential clients.

MEMBER UPDATE FROM MARCH 2023: Unfortunately, this scam is still on the rise. A member notified us that one of the scammers asked them to provide the “Google Voice Code” that was sent via text. This would grant the scammer the verification they need to access the user’s account. Please be weary of any clients that ask for verification codes.

2. Wire Fraud:

We’ve all heard about the risks of wire fraud in real estate transactions, but did you know that Gmail is the most frequently targeted email platform for cybercrimes? NAR’s recent podcast, “Drive with NAR — Episode 10: What to Do If Your Business Faces a Ransom Threat,” shares some new tips and offers a great refresher on the well-known scam, where hackers anonymously intercept emails — specifically, wire transfer emails — and change the wiring instructions to have the money wired elsewhere. Here are a couple tips when working in emails:

• • Work with your preferred title company and banking professionals to closely monitor your wiring processes. Advise clients to verify all requests for wire transfers by picking up the phone and calling the title company and/or agent using a phone number that they know belongs to the individual, not one from the email.
  • Avoid using email accounts that may not be protected by two-factor authentication and strong passwords, like your personal email, which may not be as safe. Using less secure email accounts to respond to email strings containing sensitive information can invite hackers to invade the conversation and pose as lawyers, title personnel, and agents.

3. Data Ransom:

Be careful what information you share, as it could be held for ransom. In an example from the podcast episode noted above, a Voice over Internet Protocol (VoIP) phone provider held a broker’s well-established phone number for financial and informational ransom, stating the business owner “breached their contract.” The owner did not have a specific contract they could present for authorities to review in order to prove a false accusation. Scammers can also steal important financial and client data and hold that ransom, often requesting payment via a cryptocurrency before they’ll release the data or remove their threat.

NAR’s podcast explores a variety of helpful insights throughout the interview. In summary, here are a few tips that are covered:

• • In the instance your information is held for ransom, or you are victim to an online scam, contact a trusted IT company, your local authorities, FBI, and other entities that can help you gain insight as to how you can prevent further business disruptions.
  • Carefully review any contracts, terms, and conditions you agree to (prior to signing).
  • Frequently update your passwords and add variety to each of your passwords to limit liability if you are hacked.
  • Keep your software up to date to prevent you from becoming a target for hackers.
  • Back-up information to prevent ransomware from deleting your documents, work, and information.