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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines in the world of superannuation, property, investing and wealth creation, as well as touching on the new Omicron scare.

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Steve Waters, director of Right Property Group, talks about investing in a unit and whether first-time investors should put their money into a well-located apartment over a house in a regional setting. He touches on new versus old units and what history tells us.

RMIT senior lecturer of finance Dr Angel Zhong covers equity crowdfunding, what it is and how it’s trending. Dr Zhong also talks about legalities as well as risks for retail investors.

Finally, tax and super guru Timothy Munro chats about industry super funds turning to courts to amend their trust deeds and why this needs to stop. Mr Munro also chats about investing your super in crypto and the implications.

Have a question for our experts? Get in touch at [email protected], and you might get featured on the next episode.

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Virtual inspection trap triggers warning as rental scams rise

By Grace Ormsby

September 22 2020
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Virtual inspection trap triggers warning as rental scams rise

By Grace Ormsby
September 22 2020

The consumer watchdog is warning of an increase in rental and accommodation scams, with more than $300,000 lost to fraudulent activities this year alone.

Virtual inspection trap triggers warning as rental scams rise

By Grace Ormsby

September 22 2020
Share

The consumer watchdog is warning of an increase in rental and accommodation scams, with more than $300,000 lost to fraudulent activities this year alone.

According to the Australian Competition and Consumer Commission (ACCC), scammers are targeting anyone seeking new rental accommodation by offering fake rental properties and using tactics related to the COVID-19 pandemic.

“Scammers are offering reduced rents due to COVID-19 and using the government restrictions to trick people into transferring money without inspecting the property,” ACCC deputy commissioner Delia Rickard said.

Scammers will post advertisements on real estate or classified websites, as well as targeting people on social media who may have posted that they are looking for a room to rent or accommodation.

The consumer watchdog has outlined that after the victim responds, the scammer will request an upfront deposit to secure the property or phish for personal information through a “tenant application form”, and promising to provide keys after the payment or information is provided.

It warned that the scammer may come up with excuses for further payments, with potential victims often only realising they have been scammed when the keys don’t arrive and the scammer cuts off contact.

So far, Australians have lost more than $300,000 to such scams in 2020 from 560 reported incidents according to Scamwatch – with total scams up 56 per cent and monetary losses up 76 per cent this year to date compared to 2019.

According to the ACCC, some scammers are even impersonating real estate agents and organising fake inspections.

Ms Rickard said more commonly, this type of scam is leading to the loss of personal information, with scammers requesting copies of identity documents such as passports, bank statements or payslips.

“Once a scammer has your personal information you are at risk of being targeted by further scams or identity theft,” she warned.

The deputy commissioner acknowledged that with so many individuals already struggling with financial difficulties due to the pandemic, “the financial impact of falling victim to a scam can be devastating”.

The virtual inspection fallacy

The ACCC has said one “common scam” sees a scammer only offering virtual inspections and then requesting bond money.

Ms Rickard has advised potential renters to “try to view a property in person before paying any bond or rent money to landlords or real estate agents”.

For Victorian areas where COVID-19 level 4 restrictions mean this is not possible, the deputy commissioner said you can still help protect yourself by doing an online search to confirm the property exists and, if dealing with an agent, checking that the agent you are dealing with is licensed.

“Scammers often rely on email communications to avoid identification, do an independent search for a phone number and speak to the property manager over the phone or arrange a meeting in person,” she explained.

“Before making any payments ensure you are dealing with the licensed agent, if a scammer has your details they may impersonate a real estate agent and attempt to ‘follow-up’ requesting money after an inspection.”

In addition, the watchdog noted that potential renters can contact their state consumer protection agency for information on bond requirements and tenants’ rights in their state.

The ACCC is urging anyone who suspects they are a victim of a rental scam to act quickly to reduce the risk of financial loss or other damages.

They should contact their bank as soon as possible, and where relevant, contact the platform on which they were scammed.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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