Fake property agents scamming renters

Calling for action: Chong (seated, second from left) with Lee (Chong’s left) with the six property agents during the press conference. — LOW LAY PHON/The Star

KUALA LUMPUR: Scammers have now ventured into new territory, posing as property agents to dupe unsuspecting renters in the Klang Valley out of thousands of ringgit, with 10 cases reported so far.

Apart from using the profile pictures of legitimate agents and copying their verification numbers on property sites, the scammers even conduct viewing sessions for clients and later collect rental deposits before going missing when the key handover is due.

Victor Lee, a spokesman representing six property agents whose profiles were duplicated by scammers to create identical accounts on a property site to dupe the public, said they only came to know of this after being alerted by their company.

“However, we were not aware of these transactions taking place using our names. Only after it happened did we realise that there were impostors,” Lee told a press conference held by MCA Public Services and Complaints Department head Datuk Seri Michael Chong here yesterday.

He said checks on the property site would find two accounts of the same agent, with one being fake.

“The contact number on the impostor account also redirects to a private number (which is not ours). Listed property prices in the impostors’ accounts are also lower than market rates to attract clients,” he said.

On viewing sessions conducted by the “agents”, Lee said he suspected the impostors rented the property through online rental sites, thus giving them access.

The scammers, he said, would then collect a three-and-a-half month rental deposit upfront, when the norm is that only one month’s advance rental is collected if the client agrees to the unit.

“The balance is usually paid when the unit is handed over to the tenant,” he said.

He said the deposits were also banked into an account number provided by the “agent” and once the transaction was made, the scammer would immediately block the mobile number of the client.

Meanwhile, Chong said losses from the scam amounted to about RM6,000 per case with approximately 10 cases reported so far.

Most of the scam victims are local and foreign students, he said.

“We want to warn the public about this type of scam and ask them to beware of the mobile numbers used in these cases,” he said, adding that he also suspected the scammers could be property agents themselves as they were well versed in rental procedures.

Chong said they would also hold dialogues with real estate associations to alert them on the matter.

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Syndicate using names of real estate agents

Be wary of these four types of financial predators

REGRETTABLY Malaysia seems to be fertile ground for all sorts of scammers. Just yesterday I received a text message from Bank Negara Malaysia, warning me not to open emails that claim they are from BNM and ask for payment verification.

The newspapers report every month on hundreds of Malaysians losing millions of Ringgit to all sorts of financial predators.

These are the four types of financial predators you should be aware of.

Financial predators that are selling you something amazing (for them). Some financial predators are trying to sell you something and only later you find out that the item is not the best use of your money at all.

Watch out for these financial predators:

* The pyramid scheme operator who is selling you products which sound expensive and technologically sophisticated, but are worthless.

* The shop owner, who recommends expensive or high margin products, which turn out to be unpopular or old products to increase his profit or clear his inventory.

* The property agent, who pushes you to purchase a house despite knowing that there is a price correction coming. He just cares about getting his commission.

* Financial predators that want to make you rich (but make you poor instead).

Other financial predators are not selling you a product, but a dream: to be rich one day. You would be amazed to find out how much people are willing to spend in their pursuit of this dream. You can get rich in many ways, but not nearly as many, as ways in which you can get scammed.

For instance, consider:

*The investor or trader that is selling you currency, gold, stock or property with the promise of extremely high returns. Sometimes they don’t sell the assets, but a "secret" formula or (software) tool to always make a winning trade. Don’t fall for it!

* The prince, minister, lottery winner, retired general and other personalities which will reward you with a slice of their wealth. If first you pay some legal / custom fees.

* The fake lottery / contest predator, that tricks you into thinking you won a sizeable sum of money. You just need to pay up some administration fees before you can redeem your prize.

* The scratch & win agent and casino operator. “The house always wins.” You will bring more to the casino operator than he will give back.

* The (soccer) bookie, who extends upfront credit for you to place more bets and win back your losses. But if you keep losing, his friendly helpfulness will quickly vanish.

Financial predators that "just" want to help you (into bigger problems)

Some financial predators pretend they just want to help you – some may even say they have nothing to gain from it. Be aware of these sophists!

* The financial planner that gets more commission the more financial products you buy. Never mind whether you really need all that insurance and other financial products.

* The loan shark that will give you better rates or quicker disbursement than the bank, but asks much higher interest rates in return.

* The salesman that is selling you expensive insurance on top of your car / phone etc that already have guarantee from the manufacturer.

* The car dealerships and stores who encourage you to take their own (more expensive) financing plans instead of your bank's instalment plans.

* The financial predator that is in love with you (or is it your money)?

* And then finally, the financial predator that lures you with dreams of romance. This one is the saddest of all, because doesn’t everyone deserve more genuine love in their life?

And isn’t it heart-breaking to see how scammers toy with people’s strongest desires, just for monetary gains?

Be aware for online girlfriends and boyfriends that contact you out of nowhere. Don’t be surprised when you find scammers that try to deceive you with romantic talk in the darkest of alleyways on the Internet (or just around the corner on Facebook and other social media apps).

Especially be wary if you have never seen your new love in real life or (s)he is a foreigner and needs your money in order to pay for visa or flights or to pay off local debts before (s)he is allowed to leave.

As you can tell, Malaysia and the world are full of financial predators. Don’t fall prey to them and become their lunch.

By Mark Reijman The Star/ANN

Mark Reijman is co-founder and managing director of https://www.comparehero.my/dedicated to increasing financial literacy and to help you save time and money by comparing all credit cards, loans and broadband plans in Malaysia. Keen on joining the team as a writer, then email mark@comparehero.my

Real estate scam !

Mastermind members and 'buyer' caught in the act of dealing with would-be victim

SHAH ALAM: Two members of a real estate scam syndicate were nabbed by police while in the midst of “negotiating” a deal with a potential victim.

Police arrested the two men at a coffee shop in Jalan SS3/59, Taman Bahagia, Petaling Jaya, around 1.30pm last Friday.

Selangor Commercial Crime Investigation Department chief Asst Comm Chong Mun Phing said the men, part of a real estate syndicate, were meeting with someone on a “business deal” during the operation.

“We arrested the two men, both aged 58. One of them was the mastermind of the syndicate,” she said at the state police headquarters yesterday.

She said the group’s modus operandi was that the mastermind, posing as a senior agent from a reputable real estate firm, would approach his target looking to sell or lease a business property.

“He would then get an accomplice to pose as a buyer, who would pay for the property with a post-dated cheque.

“The mastermind would also receive a post-dated cheque for his commission,” she said.

However, the mastermind would falsify the date and cash out the commission cheque before the original cheque bounces.

The police seized ATM cards, photocopies of ICs and business cards belonging to the mastermind under multiple aliases.

ACP Chong said the syndicate has been linked to at least 18 cheating cases in Selangor involving RM80,200 from their victims, with more similar cases in Kuala Lumpur and Negri Sembilan.

Sources: The Star/Asia News Network

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