“Police warn of property agent scam after close to 1,000 people lose almost $4 million” 🤯
To be exact, it’s 997 people and $3.9 million.
Scams have been around for the longest time and their tricks have evolved over the years.
For the uninitiated, scammers typically use tactics used phishing, spoofing and fake identities to lure you into their traps.
But, don’t fret.
We’re here to share with you what the latest property scam is about, and what you can do when you’re searching for your property!
What’s This Property Scam About?
Impersonation. Fake identities.
This sounds like some typical impersonation scam, but no. It’s more than that.
First, these scammers create fake property listings.
Once the victims clicked on these listings, they would receive WhatsApp messages from an unknown number with the “+65” prefix. They then send across photos, names and license numbers of legitimate property agents.
These scammers would then make the excuse that the landlord wasn’t accessible when the victims inquired about viewing the property. They would also provide a copy of the lease agreement with the name and NRIC of the alleged unit owner to the victims for them to sign in order to give it the appearance of validity.
These victims would then be asked to make refundable deposits to secure an appointment and receive bank account numbers or phone numbers for the victims to transfer money.
Through it all, besides the victims, property agents were also dragged in as their identities were stolen, and they have to put up with irate calls from consumers who were rightfully angry and then disappeared when transactions were finished.
Therefore, it’s important for home tenants and buyers to be their own line of defence by learning how legitimate property agents operate and how to spot real listings so that you can discern the fakes from the real.
What Can You Do?
Firstly, you must know that the rule on ‘You transfer money first, then you can view the property.’ is fake.
This is NOT a local practice. Chances are if the party asks you to transfer, he or she is a scammer.
1. Differentiate the Real and Fake Listings
Always, always view listings from reputable platforms where screenings are conducted, and only allow verified property agents to advertise with them.
Just to name a few, 99.co, Ohmyhome and PropertyGuru are some options.
All real estate advertisements must include the information below, in accordance with CEA’s Advertising Guidelines for Estate Agents and Salespersons:
- Name
- License number
- CEA’s registration number
- Official business contact number
- Authentic profile pictures
If there were any promotions or claims of investment opportunities, these will also be properly substantiated on the listing.
2. Verify The Agent’s Identity On Council for Estate Agencies’ Website
The Council for Estate Agencies (CEA) is a statutory board under the Ministry of National Development.
You can, in fact, verify an agent’s registration status and past property transactions via the Public Register.
Before you start engaging, check the following:
- If the agent has valid registration,
- All residential property transactions they have closed within the last two years, and which parties they represented,
- The agent’s industry accolades and awards,
- If the agent had any disciplinary records within the last two years.
The absence of or failure to verify one or more of the above details could be an indication that the advertisement is not placed by a bona fide agent registered with CEA.
Similarly, if the search result does not lead you to the property agent’s profile page, this could be a sign that the advertisement is a scam and the phone number is not registered with CEA.
3. Property Agents Are Not Allowed to Handle Monies Related to Property Transactions
While property agents facilitate the sales process, they are actually not allowed to handle certain monies related to property transactions – be it a sale or purchase, or a rental transaction.
You should pay the payee directly and not pass the payment to a third party.
Further to just requesting money upfront, unlike legitimate real estate agents who know the housing market inside, scammers may quote unrealistic dimensions and prices of homes.
4. Property Agents Will Not Call You Using An Overseas Number
Basically, DO NOT PICK UP any calls with the “+65” prefix to caller IDs.
This is an initiative started by telcos in Singapore to alert the public that they are being contacted from overseas.
Please do not divulge any passwords, especially one-time passwords, or personal information to anyone.
Hope Those Who Are Affected Can Recover
It’s already stressful dealing with housing matters, let alone knowing that someone’s coveting your hard-earned money when all you wanted was to purchase or rent a house.
Spread the word, and help a brother or sister!
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