Recently, there have been scams involving individuals posing as property agents who place fake property advertisements on property listing platforms. Here's how you can spot the signs, and protect yourself against scams.
Look out for these scam signs
The common tactics of realtor impersonators follow a simple pattern, and once you understand that you'll be able to spot the signs and avoid being a victim, now and in the future.
If it's too good to be true, it probably is
You see offers that are way below market rates or inconceivable. Scammers prey on unsuspecting or desperate tenants with tempting offers.
Requests for your credentials, asking to sign agreement even before any property viewing
Source: SPF
You are asked to provide your personal details e.g screenshot of your IC card, for scammers to prepare a "purported lease agreement" and they would send a copy of the agreement with the name and national identity card of the "supposed property owner" to you for your signature.
Request money for viewings upfront
You are asked to make a deposit before any property viewings are conducted. Scammers will pressure you to quickly make a deposit to a Singapore bank account to “secure the unit first" as the unit is "very popular/in high demand", even before going down to the property for viewing.
How to stay safe
Verify the property agent details
Checking the property agent registration status on the CEA Public Register will serve as the first step in verifying their legitimacy.
Source: CEA
You can do so by searching for the property agent on the CEA Public Register using the advertised phone number or CEA registration number. If the search does not lead to a property agent’s profile page, it means that the phone number/CEA number is not registered with CEA by any property agent, and could be an indication that the advertisement is a scam.
Note: The absence of or failure to verify one or more of the above details could be an indication that the advertisement is not placed by a bona fide agent registered with CEA.
Do not give anyone confidential information
Do not disclose your personal details e.g screenshot of IC to anyone without verification. Only provide your credentials when you have verified the legitimacy of the transaction as well as the identity of the other party.
Don't rush to seal the deal if in doubt
Property agencies will never ask tenants or buyers to transfer money directly to a personal savings account, or ask you to place a deposit prior to a property viewing. If you’re ever in doubt, contact the agency that the listor claims to be representing, to verify if the transactions being requested are legitimate.
Should you suspect any online property listing to be fraudulent, you may submit a report to the Singapore Police Force via telephone at 1800-255-0000 or their I-Witness portal online.
If you believe that you may have been a victim of a scam, please file a police report.
E-Service: https://go.gov.sg/police-report
Police Hotline: 1800-255-0000
Useful Link:
Scam Alert: https://www.scamalert.sg/
Scam-related advice Hotline: 1800-722-6688