Fraud Forecast: What’s on the Horizon?

by First American

Last updated on 2 Aug 2024 2 min read

Title insurance agent practicing Security and Privacy Center fraud prevention tips to avoid clicking on malware links or opening phishing emails.

What you’ll learn (TL;DR)

Scammers may pose as owners of seemingly vacant properties in an attempt to sell or rent them.
Fraudsters may also pose as bank representatives, asking for personal information or urging quick money transfers to "safe" accounts.
Scammers increasingly exploit current events (natural disasters or political elections) to phish for donations.

Seasonal Scams Target Real Estate and Bank Accounts

Seasonal activities and major events, like summer vacations and the upcoming U.S. presidential election, can make us vulnerable to scams. Bad actors use these times to target unsuspecting victims into revealing personal and financial details. To help protect your properties, accounts, and finances, let’s discuss three trending scams to watch out for.

Protect Your Home: Vacant Property Scams

Are you planning a vacation? If so, you might want to keep an eye on your property. There has been a rise in scammers, posing as owners of seemingly unoccupied land, trying to sell, or rent the property right under the owners’ noses. If you own a secondary home or investment property, check with your local county recorder to see if they offer a fraud alert service. Most county offices provide this free service to notify you of suspicious activity involving your property. You can also set up alerts for properties you own on listing sites to catch unauthorized listings. And if possible, ask a trusted friend or neighbor to watch your property for unexpected visitors.

Protect Your Accounts: Fake Bank Frauds

The Federal Trade Commission recently warned of a scam in which bad actors call victims and claim they found suspicious activity on their bank account. The bad actor, posing as a bank representative, asks for personal information—like your social security number, bank account details, or verification codes—to “secure your account.” What they are really doing is using these details to access your account themselves. Another trick involves urging you to transfer your money quickly to a “safe” account — which is controlled by them. If you get any of these calls, hang up immediately and contact your bank directly using the number on the back of your card, your statement, or their official website to verify any issues.

Protect Your Finances: Deceptive Donation Scams

Cybercriminals love to take advantage of current events—like the upcoming 2024 U.S. presidential election—because current events capture widespread public interest. Expect scammers to phish for campaign donations through emails, phone calls, text messages, and fake websites. If you plan to donate to a candidate or political party this election season, consider donating directly through their official website or the local campaign office instead of over the phone. Be skeptical if someone asks you to donate with cash or a gift card or by wiring money, as these are common methods scammers use when requesting payment. Instead, consider paying by credit card or check and reviewing your account statements to ensure you’re only charged the amount you agreed to donate.