- Property fraud grows alarmingly in the current market putting the down payments of home buyers at risk.
- The use of sophisticated technological tools seeks to deceive buyers and professionals during closing processes.
- The Santa Clara County Association of Realtors warns that one in five owners receives fraudulent messages.
Neil Collins, chief executive officer of the Santa Clara County Association of Realtors, recently warned in San José Spotlight about an alarming increase in Real estate scams perpetrated by cybercriminals, severely affecting buyers, sellers and agents, who observe how criminals take advantage of digital vulnerability to break into the most important heritage negotiations in the sector.
Criminals closely monitor financial transactions by intercepting emails and forging legal documents, managing to steal hundreds of thousands of dollars in a matter of seconds, leaving victims financially devastated and even on the verge of foreclosure, a situation that demands a deep review of current banking protocols to shield families’ capital…