Real Estate Scams
Posted in: Feliciano School of Business, Information Management and Business Analytics
Dr. Stanislav Mamonov, Associate Professor in the Information Management & Business Analytics department at Montclair State University, was recently interviewed by NJ.com about the increasingly common real estate scams against unsuspecting home buyers. Consumers have lost billions of dollars in the past few years in wire fraud transactions. Typically, the scammers hack, access or impersonate the real estate agents or other professionals working on the sale of a home. Once the money is wired, the scammers quickly take it and it is gone.
Dr. Mamonov does not think a centralized portal for the real estate professionals and homebuyers is a solution either. “The moment you introduce a centralized platform, you’re putting a high premium bullseye on the platform,” he stated. He suggested the old school process of hand delivering a check to the person to ensure the money is processed by the legitimate professional.