Protecting against the rising threat of rental scams
Category Rentals
The surge in digital technology has brought significant convenience to the property market, but it has also created a breeding ground for sophisticated scams. Digital crime is one of the fastest-growing challenges in the country, and in particular the property sector which has become a primary target for sophisticated scammers.
These criminals use technology to defraud unsuspecting individuals, often preying on the urgency and high demand for rental properties. As a result, it is more important than ever to be vigilant and informed to protect yourself and your finances.
Common Digital Rental Scams to Look Out For
Scammers are constantly evolving their tactics, but many of their schemes follow a similar pattern.
Fake Listings - this is one of the most prevalent scams to look out for. Fraudsters steal photos and descriptions from genuine property adverts, and repost them at significantly reduced prices to create a sense of urgency and an offer which seems "too good to be true." Once you pay a deposit or application fee, the advert vanishes, and so does the scammer.
Phishing Emails and Messages - another common threat is phishing emails and SMS or WhatsApp messages. Scammers, pretending to be from a reputable rental agency, will send links to what they claim are "secure payment portals" or request personal information for a "background check." Clicking on these links can compromise your personal data or lead to fraudulent financial transactions.
Pressure Tactics - be wary of pressure tactics and untraceable payment methods. If an agent or landlord insists you must pay immediately to "secure the unit" due to high demand, it is generally a major red flag. Similarly, a request for a deposit via cash, bank transfers, or an overseas account is a strong indicator of a scam. Legitimate rental agencies use traceable, secure payment methods.
How to Safeguard Yourself and Your Money
Always Verify - safeguarding against these scams starts with verification. Always verify the legitimacy of the agent, agency, or listing before you do anything else. Use the Property Practitioners Regulatory Authority (PPRA) website to check if the agent has a valid Fidelity Fund Certificate (FFC). This is a crucial legal requirement for all practicing property professionals in South Africa. If an agent cannot provide one, they are not legitimate.
Verify Payment Requests and Bank Details - always insist on physically viewing the property before making any payments. If the person refuses, claiming they are out of the country or unavailable, it is a clear sign of fraud. When it comes to payment requests, always verify the banking details with the agency directly with a simple phone call to a number that you have sourced yourself (and not from the email footer) can prevent a fraudulent transfer, as scammers often intercept emails and change banking details. Never rely solely on an email for payment instructions.
Additionally, always immediately report any suspicious listings or communication that you may have received immediately.
The Seeff Commitment to Your Safety
At Seeff Properties, we understand the importance of your security. We take every possible step to protect our customers and ensure that all transactions are safe and legitimate. We will never send emails asking for money without prior verbal confirmation from a verified source. Furthermore, Seeff is a registered beneficiary with all major banks, a safeguard that makes it extremely difficult for criminals to manipulate our payment channels.
Before making any payment or money transfer, always check the veracity of the request by telephoning the relevant office or property agent using a trusted contact number. Your financial safety is our top priority, and we are committed to helping you navigate the property market with confidence.
As rental property experts, Seeff assists thousands of landlords annually to better manage their rental investments. If you would like to know more about what we can do for you, contact us today.
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Author: Gina Meintjes
