Publishes threats to the industry and advises clients to beware of real estate transactions as digital fraud becomes more prevalent
With the pandemic on a downward trend, the real estate sector is experiencing momentum in interest and leads from potential buyers. Like any other industry, the growing use of digital platforms in the real estate sector is becoming more widespread, which also highlights the associated risks of digital fraud. mFilterIt, the world leader in fraud detection and prevention, publishes today its study on the reality of digital fraud in the real estate sector. The study found that a leading real estate player owned up to 400% fake websites created by fraudsters, revealing the threat from the industry’s digital platforms.
The study found that a leading real estate player had a total of 387 counterfeit/misrepresented websites, using the brand name in an unauthorized manner and even incorporating project names. The study further revealed that to receive more traffic on fake websites, scammers used unethical practices like bidding on other brands and projecting keywords on search engines. About 297 fake websites were bidding on 31 other brand keywords, and 90 fake websites were bidding on 41 other project keywords to attract more visitors to fraudulent customers. Bidding on keywords is a paid activity available on the search engine to optimize the searchability of a particular website on the web.
Friend Relan, CEO and Co-Founder, mFilterIt said, “Today, the problem of digital fraud is a growing threat across all industries. However, our study in the real estate sector surprised us with its breadth and given that the industry also sees high value transactions, this is a matter of great concern. We have worked with clients in this sector and it is encouraging to see brands becoming more responsible, but we believe that all stakeholders need to do much more, including government and other industry bodies. »
According to the Indian Real Estate Outlook 2022 report by CIRIL, the real estate market is expected to contribute around 13% of the country’s GDP by 2025 and is expected to reach Rs 65,000 crore by 2040. Considering the size of this sector alone, real estate companies in India spend huge capital on campaigns and other promotional activities including digital platforms.
To raise awareness, mFilterIt lists tips for home buyers and threats to the industry to avoid being cheated and build awareness!
RERA approved properties
Without any RERA approval, the fake/unapproved websites were put online with the “sale” of the projects. This could lead to a regulatory issue for the brand. RERA specifies a set of information, such as super carpet area, built-up area, etc., which must be provided during real estate development. Fake websites do not provide all necessary information, so customers should keep this in mind.
Safeguarding the interests of consumers is also the brand’s responsibility. For a consumer, it is very difficult to identify fake sites spreading false offers, wrong information about super area, agglomeration, amenities, payment plans, offered accessories, completion plans and ownership, etc. Moreover, these bogus sites can trick consumers into projects that do not have proper government. or RERA approvals.
Conduct thorough research on the real estate company:
The reputation of a real estate brand is everything, including reputation surrounding project completion, ownership, etc. False information and claims on these bogus websites increase the vulnerability of trust.
Payment scams via fake websites
The asset is mostly delivered in the future and the buyer is asked to make incremental payments starting with the reservation amount. Scammers might use fake websites to systematically extract money.
Avoid sharing personal information on websites
A prospect leaves very sensitive information, such as personal identifiers such as cell phone numbers, to be approached. Crooks could take advantage of this information. Fake websites were driving traffic not just from project-specific searches, but also from a set of brand-related keywords.
Founded in 2015, “mFilterIt” is a global ad fraud detection and prevention company, providing neutral and platform-independent fraud detection solutions for brand and performance marketing. In addition, it is also an end-to-end “one-stop-shop” to bridge the trust gap that exists between digital advertising players. mFilterIt has saved over $400 million for its customers. It covers over 3.5 billion unique devices and has validated over 12 billion verified transactions based on reputation checks. On average, mFilterIt saved 20% of wasted ad spend for each client. A part of a ISO 9001:2008 approved 6d technology, “mFilterIt” offers neutral third-party solutions to a number of leading companies, including Amazon, Flipkart, Unilever, ITC, HDFC, ICICI, BYJU’S, BIBA, CAREEM, Britannia, STARZPLAY, Sharekhan, Mc Donald’s and KFC. mFilterIt currently operates in India, UAE, USA and Indonesia.