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It is better to doubt now than be sorry later. Check out our list of signs in detecting scams and online frauds and tips on how to deal with them.
With the convenience brought about by the internet, it is now common to get everything we need in an instant. No more hassle in waiting in lines to pay bills or buy products. It has also been a practical platform for selling items and even properties. This lessens the trouble for most of us by providing ease, but this ease in the transaction also gave opportunities for scammers to smoothly take advantage of innocent buyers.
The first step to avoid such is knowing that scam exists. We’ve listed here some signs and tips in detecting and dealing with scams and online fraud especially when it comes to real property investments:
1. It is too good to be true
A good looking website does not always mean that it is trustworthy. Scammers nowadays take their scamming jobs seriously. They have created surprisingly good websites that look authorized and sound. They normally contact potential victims via email, phone call, social networking sites, and even in person. Most of the time, the transaction and entire process are so smooth that some steps or requirement aren’t met. Be prepared too ‘coz when you ask about it, they might give a sounding explanation to all these. The best thing you can do in order to protect yourself is to always have the presence of mind.
2. You are asked for upfront payments or fees before you have met or signed a contract
If you are being asked to pay in advance, you should start to doubt. Remember that a transaction, especially one that involves a large amount of money like real estate, is a long process, and no payment should occur unless the customer has made a thorough inspection of the property and come up with a final decision accompanied by a signed document.
3. You are told to wire money
Wiring money is easy, fast, and efficient—but it is also potentially dangerous. If you were asked by the “agent” to wire money, don’t. (Also, be very suspicious if they are interested in getting your bank details.) The safest way of paying a real estate transaction is by issuing a check to the seller once you have made sure that he or she is the legal owner of the property. How to verify that? Ask for a copy of the property title, their relevant IDs, etc. A legal agent would be happy to present them to you without questions asked.
4. You are told that the “seller” or “renter” is out of the country and cannot show you the property at the moment
You cannot purchase a house without seeing it first, right? If the agent or seller cannot show you the property, perhaps it does not exist.
5. You are asked to give money to a “lawyer” or “agent” on their behalf
We repeat. Never part with your hard-earned cash unless you are sure that the person you are forking it over to is the legal owner of the property—and never pay in cash. One way to protect yourself is to research in advance whether the agent you are speaking with is a licensed real estate broker or not. If talking about huge transactions as this, the most professional way to do this is meeting clients in person. You would do the same if you’re the one selling a property, right?
6. The same property is listed a couple of times under different names and with different prices
Although this is common in the Philippines, as property listings are often not exclusive to a single licensed broker, the best way to be sure is to ask for the broker’s authority to sell. Ask them to provide you a legal document that authorizes the broker to transact on the property owner’s behalf.
At times like this, we all should increase our safeguards even more. A scam would only work if it made its victim believe it. When dealing with anyone, especially if it involves money no matter how big or small the amount is, we should all be cautious. It is better to doubt now than be sorry later.
Legitimate online marketers and e-commerce sites are doing their best to make the online landscape safe and more secure for buyers and sellers alike. But at the end of the day, it is the customer who has the power to make the marketplace more secure by practicing due diligence—a phrase that will never ever get passé.
Once you have detected a scam, immediately contact the retailer, so that the false listing can be deleted and the uploading account can be tracked.
