Investors Beware: A New Scam On The Rise

A new scam is hitting investors, where properties are sold and remortgaged without consent is on the rise. Property investors should beware, as this is often masked with irresistible perks such as tax exemptions and offers to live overseas.

NSW Fair Trading Minister Stuart Ayres warned investors to be wary of emails and to double check its authenticity before giving out their personal information. When an email asks for detailed information, such as passports and mortgage account numbers, even from legitimate looking websites, investors should be very cautious.

In a recent case in Perth, scammers got nearly $500,000 after selling a defrauded property. The owners had to go through a tedious and unnecessary process of filing a mortgage claim for the property, shouldering all the expenses without any assurance of reacquiring their property.

Investors should double check the authenticity of sites and avoid giving out their personal information, unless there’s a real need to. Even so, it is still much better to personally submit documentation to the appropriate offices. Not only is it safe, but your questions can be accommodated and coursed to the appropriate group.

Read more about this on the Your Investment Property website.