Red Flags and Tips to Help Prevent Seller Impersonation in Real Estate
May 9, 2023
Real estate transactions have been a prime target of cybercrime over the past decade. There is little sign of this slowing even as the housing market continues to slow. Instead, fraudsters continue to evolve their scam and money laundering tactics to avoid detection.
This latest trend involves vacant lots or unencumbered properties. Fraudsters impersonate property owners to illegally sell commercial or residential property. Sophisticated fraudsters use the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials, which may be applied without the notary’s knowledge. ALTA created a handout that highlights red flags and provides precautions to take to help prevent these scams.
Contact ALTA at 202-296-3671 or firstname.lastname@example.org.