U.S. Real Estate Wire-Transfer Fraud Losses Expected to Reach $12.5 Billion in 2023

Real estate and rental scams are increasingly prevalent both domestically in the U.S. and internationally, causing significant financial losses and legal complications for victims. In the U.S., real estate and wire-transfer fraud resulted in reported losses exceeding $12 billion in 2023, with scammers often posting fake property listings online, demanding deposits or personal information before property viewings, and then disappearing with the money (Article 1). Rental scams also pose challenges for landlords, as identity theft and fraudulent rent payments have become common, leading to eviction proceedings and legal fees for property managers and owners (Article 3). Internationally, fraudsters exploit job seekers and renters by promising overseas employment or rental properties and demanding advance payments, often using fake listings or false promises to deceive victims, as seen in cases in Uzbekistan and abroad (Articles 2 and 5). Experts advise verifying property ownership, demanding in-person viewings, using licensed agencies for employment opportunities, and insisting on official contracts to avoid falling victim to such scams (Articles 1, 2, and 5). These scams underscore the need for vigilance, due diligence, and reporting suspicious activity to authorities such as the FTC, FBI, or local law enforcement to protect consumers from financial fraud.