Study : Fake Real Estate Websites Are Causing A ‘Unsafe’ Digital Ecosystem’
Unsafe’ Digital Ecosystem: According to a research, fraudsters use unethical techniques to increase visitors to bogus websites.
The use of digital platforms in the real estate market is becoming increasingly common, which comes with it the potential of digital fraud. According to a recent research, a significant real estate player had up to 400 percent of bogus websites established by fraudsters, highlighting the threat in the industry’s digital platforms.
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The report by mFilterIt, a worldwide fraud detection and prevention organisation, was released on July 26, 2022, and revealed that a significant real estate player had 387 fake/misrepresentation websites, utilising the brand’s name unauthorisedly and even combining the names of the projects. The survey also indicated that fraudsters were employing unethical techniques such as bidding on other companies and project keywords on search engines to get traffic to their bogus websites.
To attract additional visits to scam customers, about 297 fake websites bid on 31 other brand keywords and 90 false websites bid on 41 other project keywords. Bidding on keywords is a paid activity accessible on search engines to improve the searchability of a certain website on the internet.
Unsafe’ Digital Ecosystem
“Digital fraud is an increasing problem across businesses today.” However, the size of our study in the real estate sector astonished us. And given that the business also records high-value transactions, it is cause for concern. We’ve been working with clients in this area. And it’s encouraging to see companies become more responsible, but we feel all stakeholders. Including government and other industry organisations, must do much more.”
According to CIRIL’s Indian Real Estate Outlook 2022 study. The real estate sector is predicted to contribute around 13% of the country’s GDP by 2025 and to expand to Rs 65,000 crore by 2040. Given the enormous magnitude of this market. Real estate businesses in India invest heavily in campaigns and other types of advertising, including digital platforms.
mFilterIt includes the recommendation for real estate purchasers and dangers to the business to safeguard them from being scammed and raise awareness!
Properties that have been RERA-approved
The fake/unapproved websites went online with the’sale’ of the projects despite the lack of RERA authorization. This might cause a regulatory problem for the brand. RERA prescribes a set of details that must be disclose when advertising real estate. Such as super carpet area, built-up area, and so on. Customers should keep in mind that phoney websites do not give all of the relevant information.
It is also the brand’s job to protect the interests of its customers. It is difficult for a customer to recognise bogus websites that spread deceptive offers, incorrect information about super-area. Built-up area, amenities, payment plans, accessories supplied, completion and possession plans, and so on. Furthermore, these bogus websites may mislead customers into investing in projects that do not have sufficient government or RERA permits.
Unsafe’ Digital Ecosystem: Conduct extensive research
A real estate brand’s reputation is everything, including the reputation around project completion, possession, and so on. The incorrect information and promises on these fake websites make trust more vulnerable.
Unsafe’ Digital Ecosystem : Payment fraud via bogus websites
The majority of the asset will be delivere in the future. And the buyer will be require to make incremental payments beginning with the booking amount. Scammers may use fraudulent websites to take money in a systematic manner.
Avoid disclosing personal information on websites.
To be contacted, a prospect leaves extremely sensitive information such as personal identifiers such as mobile phone numbers. This information might be use by scammers. The bogus websites attracted visitors not just from project-specific searches, but also from a pool of brand-related keywords.
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