Normally, I’m talking to Landlords, Sellers or Buyers. This time, I’m talking to my fellow Realtors & really anyone. This is a pervasive scam that can be played on anyone, but Realtors are a favored target apparently.
We face a lot of risks. Numerous physical attacks & ambushes at showings on the South Shore over the past few years, wire fraud scams & phishing are always on our minds. This one is called “Pig Butchering”. A potential client with supposedly deep pockets, romances his Realtor over time, into thinking he’s a super-successful money manager or the like, while searching for houses online. They never meet in person. Once the Realtor is engaged, he drops hints that he could hook them up with a dream investment with fat, immediate returns. Usually, it’s crypto investing. There’s official-looking websites, contact info & apps that show your accounts growing exponentially. Once the scammer thinks he’s milked his target dry. He vanishes along with the invested money. The returns & initial capital are gone without much hope of getting it back.
Here’s an article from the experts at the National Assoc. of Realtors with lots more info:
We’re used to maintaining situational awareness at showings & open houses. Wire fraud, phishing and other scams are on our radar too. Something like this is insidious, slow moving, relaxed & seemingly legit at first. It’s easy to fall into the trap. The best way to protect yourself? Remember the old adage: “If it’s too good to be true, It’s probably not true.” Another is to only use money managers that are a Fiduciary, like Realtors. Like the Fisher Investment ads say, “We’re legally obligated to put our clients interests first.” Also, I’m not a big fan of Crypto. I have zero trust in the system. This story is part of the reason why.
Have Fun & Stay Safe!
Lew McConkey, Realtor/Notary
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
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