Real estate pros are being targeted in a crypto scam where fake buyers build trust, show fake profits then steal large sums. The Secret Service and NAR urge caution.
WASHINGTON — The U.S. Secret Service and the National Association of Realtors® is warning real estate professionals to be on alert for a targeted cryptocurrency scam that could cost agents big money.
In the scam, fraudsters pretend to be wealthy all-cash homebuyers who became rich through cryptocurrency. The fraudsters then attempt to lure unsuspecting agents into investing in cryptocurrency through a legitimate-looking website.
“This is a variation of a ‘pig butchering’ scam where the victim is ‘fattened up’ before taking the bait,” NAR said. “The real estate agent makes a small investment, sees a large return and is allowed to withdraw their profit. The agent then invests more money – even their retirement savings – only to lose it all.”
For more information about the scam and tips to reduce your risk, go to NAR’s website.
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Author: marlam