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Every
year begins with fresh starts, and for many people, that means finding a new
place to rent. That search often starts online: scrolling, clicking and
comparing what’s available.
However, Consumer Reports advises being cautious
before moving forward, to help avoid losing money and exposing personal
information on a rental that turns out not to be real.
Rental
scams are costing people millions of dollars every year.
Real estate broker
Rachel DiSalvo says a scammer stole one of her listings originally for sale
and reposted it online as a rental. Unfortunately, the people got scammed out
of money.
These types of scams aren’t just on rental websites anymore—they’re on social media, and scammers are using ads and stolen videos from
actual listings to trick renters into sending money and personal information.
A new report from the Federal Trade Commission shows renters
have reported nearly 65,000 rental scams since 2020, with losses totaling about
$65 million. And because many scams are never reported, the FTC says the real
losses are likely much higher.
People ages 18 to 29 are three times more likely than other
adults to report losing money to a rental scam. Consumer Reports says there are
ways renters can protect themselves.
First, search for the rental address online. If the same
place is listed with different prices, different contact information or listed
for sale instead of rent, that’s a red flag.
Next, be cautious about sharing personal information too
early. Before you’ve agreed to rent, a landlord doesn’t need sensitive details
like your Social Security number to run a credit check.
And if a listing is priced far below similar rentals, and
someone pressures you to move fast, that’s a sign to walk away.
Rachel says you should also avoid paying in cash. She
recommends using more secure forms of payment. Typically, she would request a
certified cashier’s check or a bank check.
Consumer Reports says there are other payment methods you
should stay away from. You should never be pressured into paying your deposit
or your rent with gift cards, cryptocurrency or wire transfer. If you’re being
asked to use those methods, it’s a strong sign that it may be a scam.
A
bit of caution can help keep your money and information safe.
And one more
thing to keep in mind for college renters: scammers often target Facebook
groups where students look for sublets and off-campus housing.
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