In today’s day and age, it is becoming much more difficult for scammers to conduct real estate fraud. Statistics show that real estate fraud is on the decline, but when it does occur, it can be devastating. In today’s blog, we take a closer look at the average loss in a title scam and explain how you can avoid becoming a victim.
The Average Loss Of Title Scams
As we’ve mentioned in the blog, it’s becoming increasingly difficult for scammers to successfully steal a title. The internet has made it easier for government offices to keep clear records of titles and land information, and more places are offering fraud alerts to let title owners know if someone has attempted to make changes to their property or title.
However, the internet has also made it much easier for scammers to succeed in a few different ways. A fake email containing a malicious link can lead someone to transfer money to the wrong account, or a scammer can more easily pose as the legitimate owner of a property with a few stolen pictures on a webpage or social media site. There are more checks and balances in place, but when a scam does succeed, it tends to have devastating consequences.
Don’t let a scammer take advantage of you. Protect your financial future by working with a title team who can sniff out fraud from a mile away. For more information, reach out to the team at Commercial Partners today at (612) 337-2470.