PSA: Cryptoscams Targeting Real Estate Professionals
- David
- Jul 9
- 2 min read
A recent alert from the National Association of REALTORS® (NAR) highlights a scam targeting real estate pros, leading to significant financial losses for some.
What’s the Scam?
According to NAR’s “Window to the Law” video (View Here), this scam involves fraudsters posing as trustworthy contacts to build rapport over time. They then pitch cryptocurrency investments, often with promises of high returns or urgent opportunities. The U.S. Secret Service has flagged this as a growing issue in the real estate industry, where busy professionals can be prime targets due to their access to funds and client networks. They may reach out via email, text, or social media, urging you to invest in a crypto platform or send funds to a digital wallet. Once you transfer money, it’s gone—and so are the scammers.
Red Flags to Watch For
Here are some red flags to keep on your radar:
Unsolicited Offers: Be wary of unexpected messages about crypto investments, especially from unfamiliar contacts or those claiming to know you.
Pressure to Act Fast: Scammers often push for quick decisions, saying you’ll miss out on a “once-in-a-lifetime” deal.
Suspicious Links or Platforms: Avoid clicking links or downloading apps from unverified sources, as they may install malware or lead to fake investment sites.
Too-Good-to-Be-True Returns: Promises of guaranteed high returns with little risk are a classic scam tactic.
How to Protect Yourself
Here are practical steps to safeguard your business and finances:
Verify Contacts: Always double-check the identity of anyone pitching an investment. Call them using a known number or meet in person if possible.
Secure Your Communications: Use encrypted email or secure platforms for sensitive transactions. Never share financial details over unsecured channels.
Research Before Investing: If you’re considering crypto, work with reputable, regulated platforms and consult a financial advisor.
Report Suspicious Activity: If you suspect a scam, report it immediately to the FBI’s Internet Crime Complaint Center (www.ic3.gov) or your local law enforcement.
Why This Matters for You
Real estate professionals are particularly vulnerable because scammers know you handle large transactions and may have access to client funds. Falling for a scam could not only cost you money but also damage your reputation and client trust. By staying informed, you’re taking a proactive step to protect your livelihood.
Stay Vigilant
Scams evolve quickly, so make it a habit to stay updated on the latest threats. Review your cybersecurity practices regularly, and consider reaching out to our team for additional resources or training on fraud prevention. Have you encountered a suspicious message or offer? Share your experience with us so we can keep your WVMLS community informed.
