SINGAPORE: A surge in e-commerce rental scams has resulted in more than $2.7 million in losses since January, with scammers posing as legitimate property agents.
According to The Straits Times, from January to October 2024, there were over 430 reported cases of fraud where scammers impersonated agents registered with the Council for Estate Agencies (CEA).
How scammers operate
Victims often came across rental listings on social media or property advertisement websites, where scammers posted contact details.
Pretending to be authorized agents, the fraudsters would back up their claims with photos of agent passes, business cards, or even videos of rental properties.
The deceptive tactics
In some instances, these scammers went a step further by recruiting accomplices to pose as colleagues or assistants during property viewings, claiming the agent was unavailable.
After building trust, they would collect personal information for tenancy agreements and demand payments for deposits or rent via bank transfers or PayNow.
The discovery
It was only after the scammers disappeared, often ceasing all communication, that victims realized they had been duped. Many were left in the dark until they contacted a real estate professional, who revealed the fraud.
Common rental scams
According to Rently, common rental scams in Singapore include:
- Fake listings: Scammers promote high-end properties at shockingly low rents to attract potential tenants. These listings often use stolen or generic images and provide little to no information about the property’s location or landlord.
- Overpayment scams: Fraudsters may pose as landlords or agents, requesting a security deposit or advance rent before a viewing. They often claim urgency or offer discounts for quick payments.
- Impersonation: Scammers frequently impersonate licensed property agents registered with the Council of Estate Agencies (CEA), using stolen credentials, business cards, or even photos/videos of the property.
- Pressure for deposits: In this scam, fake agents pressure potential renters to make advance payments to “reserve” the property or secure a viewing.
- Phantom rentals: Scammers copy legitimate property listings by stealing details and photos, altering the contact information. They then push prospective tenants to send money for a booking fee to “secure” the rental.
Police advice for the public
The police are urging the public to exercise caution when dealing with rental transactions. They advise verifying the identity and registered contact details of property agents through the CEA Public Register before proceeding.
For added safety, payments for deposits and rent should be made directly to the landlord via bank transfer or cheque rather than to agents.