Stop me if you heard this one: the Prince of Nigeria is in need of your help.

For two decades, this email scam has been swindling money out of people across the world. To this day, the Prince is still successfully scamming over $700,000 per year from people with a simple email. But while the Prince is still making his rounds, scammers have become more sophisticated in their efforts.

Whether they are trolling social media accounts, hacking into your emails or buying your personal data off the dark web, the sophistication of these scams are only overshadowed by the success rate they have on individuals. And now, scamming season has a new target: real estate.

Like saving for, finding and buying your home isn’t stressful enough, now you have to worry about some hacker in their mom’s basement surrounded by Monster energy drinks with a Cheetos stained keyboard stealing your identity or down payment. Real estate fraud is the fastest growing sector for fraud and scams in 2020, according to the FBI.

If you are looking to purchase or sell a home, which, from the looks of the market, most of you are, here are some scams to be aware of in your journey.

TRUST BUT VERIFY

Email is becoming the fastest growing way scammers are successful at taking your money or your home. Scammers have found ways to hack into emails, monitor conversations and then replicate or create messaging that look and sound as legitimate as one coming from your Realtor. Whenever you get an email asking you to do any type of transaction, especially having to do with wiring money or the title of your home, always contact your financial institution, real estate agent or title company to make sure the email is legitimate. Plus, in today’s socially distant world, we all need an excuse to talk and meet up with another person, right?

DOPPLEGANGER LISTING

Everyone is looking for a deal and scammers know this. One way they are tricking you out of money and your identity is by creating a duplicate listing of a home for sale and drastically lowering the price. You can drive by the house, view it online and usually offers elaborate perks to “sweeten the deal.” Always deal with a licensed Realtor and brokerage.

NOT SO SECURE

SECURITY DEPOSIT

One of the easiest scams comes for both “fake” and “real” listings, as scammers ask for either a security deposit or application fee before letting you visit a house. These wire requests, in the hundreds to thousands of dollars, ask for cash and then you never hear from them again. Once you do it, there is very little chance of getting your money back. The only reason to give money is if you are ready to purchase a house.

WHO ARE YOU? — IDENTITY THEFT

Just like a security deposit scam or wire fraud, your identity can be taken faster than houses are selling on the market. One of the more popular tricks is a scammer asking you for your personal information to do a background check before showing you the homes you have chosen. You provide your information, and not only do you never hear back from the “agent,” but you lost both the house of your dreams and your identity.

In today’s digital age, no one is immune to scams, including those buying the home of their dreams. It is why working with a licensed Realtor and brokerage is so important in not only securing the home of your dreams but protecting your money and identity.

Patrick Burgan is the 2020 president of the Youngstown Columbiana Association of Realtors.