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Property investor scams

Some scammers make unsolicited calls to the victim, asking them to hand over money to attend a property exhibition seminar or presentation. Instead, the organisers provide educational material to explain how to make money through such investments. 

The fraudsters may seek a sign in into a scheme that offers access to opportunities in unbuilt properties at a discount, or the seller offers a chance to participate in the firm's buy to let plan.  The buyer is asked to pay the registration fee, but they may not get the property. 

How To Spot and Avoid It?

  • Authorities have been issuing a warning not to fall for such tricks. One should always check the seller's background and confirm that the people involved in the trade are authorised before handling the money or sharing any contact information. 

  • In addition, one should verify the firm is registered or licensed and should try to gather information related to their project history. 

  • The tricksters use multiple schemes to attract buyers. They show promotional videos, send personalised emails, call on the phone, hold in-person meetings, or contact through social media sites to lure buyers into divulging information and funds into their property projects. 

  • One of the commonest ways to get investors is to lure them into offers with huge profits quickly. The investors are made to believe that they will make millions by investing little amounts like some hundred pounds. 

  • They are shown the lavish settings, luxury lifestyle and all kinds of future riches, fancy locations and royal vehicles. They create a kind of urgency where the victim finds himself trapped to pay the fee or upfront cost of buying. 

  • They make the investor believe it is a limited time deal and the marketing material feature a counterfeit countdown to grab it. 

  • All the supporting testimonials and claims made by previous buyers are often bogus and unreliable.  The testimonials explain how they got rich after buying into the schemes. The review may appear unbiased or independent but are mostly misleading and fake, often a scamplan. 

  • Consequently, one should not rely on such reports and depictions where one sees skyrocketing graphs of earnings from the fake property deals, which come with no risk or very little risk. 

  • If you suspect any such fraud, you should report it to the authorities.

Date Published: Feb 01, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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