Protect Your Real Estate Transactions from AI Scams

In today's real estate world, technology is advancing rapidly, making transactions easier and more efficient. However, these same technological tools are being misused by scammers to deceive buyers and sellers. It's crucial to stay informed and vigilant to protect yourself against these threats. Below are some tips and examples of how scammers are using artificial intelligence (AI) and how you can protect yourself.

 Deepfake Tools: A Growing Threat

 Deepfake tools are one of the most concerning technologies in the realm of scams. Scammers can create fake videos and audios that look incredibly real. In these videos, they can impersonate real estate agents or even people you know.

•  Tip: Always verify identities through known channels. Don’t rely solely on videos or audios; confirm via a phone call or an in-person meeting.

 ChatGPT in Real Estate

 AI tools like ChatGPT can generate texts and emails that appear completely legitimate. Scammers can use these texts to send deceptive messages that make you believe they come from a trusted source.

• Tip: Always verify information through reliable channels. Don’t blindly trust emails or text messages; use known phone numbers or contact the person directly through verified methods.

 Real-Life Example

 A financier in Hong Kong was scammed out of $25 million through a deepfake video. In the video call, scammers impersonated his colleagues using videos and audios that looked authentic. This incident highlights the sophistication of scammers' tactics.

•  Tip: Always verify account information before making transfers. Confirm details with a direct phone call to a known number.

 Wire Fraud in Real Estate

 The "2024 State of Wire Fraud" report by CertifID highlights how scammers alter wire instructions to divert funds to their accounts.

• Tip: Confirm wire details through a reliable phone number. Don’t trust last-minute changes sent via email.

 Changing Scam Tactics

 Old red flags, like spelling errors in emails, are less common. Now, fraudulent communications are more sophisticated and appear legitimate.

• Tip: Stay cautious and verify all communications. If something seems suspicious, confirm it before taking action.

 Verifying Information

 It’s crucial to verify information through multiple channels. Don’t rely on just one method of communication.

•  Tip: Use known phone numbers and confirm details personally.

 How to Detect Deepfake Videos

Detecting a deepfake video can be tricky, but there are signs to watch for:

• Mismatches in lip movements and facial expressions that don’t match the audio.

• Shadows and lighting that appear strange or inconsistent.

• Pay attention to these details and verify the video’s authenticity with the involved person.

 Education is Key

 The best defense against scams is staying informed. Keep up with the latest scam tactics and educate your contacts about these risks. Stay informed and vigilant. Awareness and education are your best tools for protection.

 AI technology can make our lives easier, but it also brings significant risks. Awareness and caution are key to protecting yourself from AI-driven scams. Stay informed, verify information, and educate your friends and family about these dangers.

 Stay safe in your real estate transactions and protect your investment.

Sources: ©️ National Association of Realtors, ©️ MIT Media Lab