caveat!Deepfake scammer targeting real estate transactions

ROCHESTER, Minn. (KROC-AM News) – Real estate experts say artificial intelligence is increasing the risk of wire fraud in what could be the most important financial transaction of a person's life.

Rochester Realtor Robin Gwaltney In a joint report with Gwaltney Group RE/MAX Results, the National Association of Realtors says it is urging real estate agents and industry stakeholders to step up their education efforts to fight back against the use of real estate agents. “Deep fake” generated by AI By a scammer. She describes the current level of wire fraud activity associated with deepfakes as “horrifying”.

Robin discussed this issue on her weekly radio show and podcast on Newstalk 1340 KROC-AM and 96.9 FM. He said scammers have long tried to trick consumers into handing over sensitive information used to process real estate transactions, but are now deploying artificial intelligence to trick real estate agents, support staff and mortgage bankers. The company explained that it uses feedback from employees and others to contact buyers. or persuade the seller to share information that could allow the scammer to redirect funds.

Gwaltney said deepfakes, when combined with technology that can imitate phone numbers and create forged documents and emails, provide an effective tool for stealing very large sums of money related to home purchases or sales. He says he gave it to scammers.

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The National Association of Realtors has provided real estate agents with steps they can take to protect against deepfakes. This listing was published in this organization's Realtor Magazine.

• Get the latest information. Learn about the latest developments in deepfake technology and be aware of potential ways that cybercriminals could use deepfake technology to harm the real estate industry. It is essential that brokers provide regular cybersecurity training. Technology changes rapidly.
• Check information. Be careful with information and media related to real estate. Whether the source is a lender, colleague, or customer, take steps to verify the reliability of the information before acting on it. Verify by contacting the source directly and communicate through an email address or phone number that you know is genuine.
• Use secure communication channels. When communicating with clients or colleagues about sensitive information related to real estate, use domain-based encrypted email and messaging apps instead of free email accounts.
• Use watermarks on real estate documents. To ensure the authenticity and integrity of real estate documents and materials, use watermarks and other authentication technologies to detect unauthorized changes.
• educate others. Educate real estate professionals and consumers about the dangers of deepfakes and the importance of vigilance.

read more: Deepfake scammers aim to deceive home buyers and sellers

Gwaltney said the Gwaltney Group is taking special steps to educate customers and verify all communications. Still, she points out that a recent survey found that 60% of participating consumers received little or no education about the threat of wire fraud from agents and other professionals involved in real estate transactions. . She said the study involved 650 people who had recently bought or sold a home.