Real Estate Scam Overview - Social media platforms like Instagram and TikTok are increasingly used for apartment hunting, but many listings are scams posted by individuals impersonating real estate agents [1] - Scammers repost legitimate videos with significantly lower rents to lure potential renters into quickly paying application fees [2] - The FBI has identified this as a growing scam [2] Scam Tactics and Impact - Scammers use photos and credentials of licensed real estate agents to create fake listings [4] - Victims are often asked to pay application fees, sometimes hundreds of dollars, for apartments they never see [3] - One victim lost $350 in an application fee for a Manhattan apartment listed at $1,100 per month [3] Social Media Response - TikTok reports proactively removing 97% of content violating impersonation guidelines in Q1 [5] - Meta uses automated and manual systems to block abusive accounts, but scammers constantly adapt their tactics [5] - Real estate agents find reporting and removing fake accounts a constant "whack-a-mole" situation [6] Prevention Tips - Research market rates to understand typical rents in the desired area [7] - Never send money for a rental unit that hasn't been seen in person [7] - Application fees are typically $25-$50, not hundreds of dollars [7] - Independently verify the contact information of the person listing the property, rather than clicking links in the ad [7]

Industry Trend & Risk Awareness - The industry faces a growing threat from love scams and deep fakes, impacting individuals and families [3] - Scammers use stolen identities to build relationships and defraud victims of money [3][4] - Cybercriminals are evolving their methods, including using QR codes for phishing [16][17] - The Philippines ranks seventh globally in connection to love scams [15] Individual & Corporate Security Measures - The industry emphasizes the importance of regularly changing passwords and setting social media profiles to private to mitigate risks [18][19] - It is crucial to be vigilant about dubious links and requests for money in messaging apps [17] - Encourages individuals to report suspicious activity and break the stigma surrounding scams [21][22] Data & Statistics - In 2023, Filipinos may have lost around 10 linked to romance scams, increasing to 45 in 2024 [15] - Globally, approximately 1,000 people are linked to romance scams [15] - One victim lost $2,000, equivalent to approximately 9 to 11 million Philippine pesos [8]