Realtors are urging homeowners to be vigilant as scammers are utilizing many tactics offering financial aid to trick families who are struggling. Their methods come in different forms.
"With social distancing and Stay at Home orders in place, scammers know people are home. They are taking advantage of the situation by calling or emailing homeowners and tricking them into providing their personal information and more," warned Mary Kay Groth, president of the Silicon Valley Association of Realtors.
A common scheme that scammers use to gain access to personal information is by "spoofing," which happens when a caller transmits false information to a homeowner's caller ID disguising their identity and pretending to be someone else. It has been reported that borrowers are receiving phone calls from fraudsters impersonating Freddie Mac and offering low interest rates and refinancing deals. Freddie Mac says it will never reach out to consumers over the phone with a refinancing opportunity or a new loan.
Cybercriminals also send homeowners emails claiming to be from organizations with information about the coronavirus. The email messages ask the receiver to open an attachment to see the latest statistics. If they click on the attachment or embedded link, the receiving party is likely to download malicious software onto their device. This would allow cybercriminals to take control of their computer or access your personal and financial information, which could lead to identity theft.
Phishers are also sending emails that offer medical advice to help protect against the coronavirus. The emails might claim to be from medical experts from China, where the coronavirus outbreak began. They have also posted advertisements that claim to offer treatment or cures for COVID-19. The ads try to create a sense of urgency, and can say "Buy now, supply is limited." When the victim clicks on the advertisement, they could potentially download malware onto their device, or they might buy the product and receive a useless item, a harmful and potentially dangerous drug, or nothing at all. Meanwhile, the victim may have shared their personal information and credit card number.
Here are some tips from Groth, Freddie Mac and other loan servicers to help homeowners avoid being scammed:
"In these times, the public is relying more on the internet for information. While the internet has been helpful, it can also be used in a negative way. We are asking homeowners to be vigilant when receiving every piece of email notification," stressed Groth.
Groth added that scammers are not only targeting homeowners with COVID-19 schemes. They are also using U.S. Census notifications to trick consumers into providing sensitive personal information. She reminds the public it is very important for every household to complete the 2020 Census by going to my2020census.gov online.
"If you are unable to respond online, a paper questionnaire can be mailed to you by calling toll free 1-844-330-2020. I assure you the Census Bureau will never ask for bank account or social security numbers, donations or anything on behalf of a political party. Strict federal law protects the confidentiality of census responses," said Groth.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.