March Madness is over, and UConn took home the trophy with effective and strategic plays that helped them climb through the brackets to the championship.

The same approach is needed when safeguarding your customers’ transactions. While there are multiple scams to keep on your radar, seller impersonation fraud has grown across the industry. Let’s look at this prevalent type of fraud, and what plays we can put together to get our customers to the trophy.

• Scammers play a sneaky game, eyeing those neglected lots and second homes. They digitally dribble, crafting fake IDs that convince real estate agents that they're the rightful owners. Then, it’s often a fast break to a cash-only sale with electronic communication and a remote closing.
• Seller impersonation fraud is more common than you might think. A survey conducted by CertifID in October 2023 revealed that 54% of real estate professionals encountered at least one instance in the preceding six months. Additionally, a substantial 77% of surveyed professionals observed a surge in fraudulent attempts during the same timeframe.
• As AI enters the game, fraud attempts become harder to identify and prevent. Cybercriminals use AI to further their fraud attempts by mimicking voices in calls and writing impeccable emails. As long as they go undetected, the fraudsters stay in the game.

Let’s play defense! Add these ideas to your playbook to kick Scammy McScamerson out of the game.

• Be aware. That seems simple, but scammers want us to let our guard down to sink a three-pointer.
• Remain vigilant when verifying a seller’s identification, especially if it seems too good to be true. Closing a deal is always exciting, but the time it takes to do some additional verification can save you from fouling out.
• Education and awareness are two keys to winning this game. Share what you know and encourage others to investigate the dangers and prevention of fraud.

We shoot; we score. Fraudsters are our opponents, and working together will have them fouling out of the game before you know it. Reach out to us here with any questions or concerns.