Large number of fake websites in real estate industry leading to ‘unsafe' digital ecosystem: Study
A study by mFilterIt has found out that a prominent real estate player had up to 400% of fake websites created by fraudsters.
A study by mFilterIt, a leading global fraud detection and prevention company, has found out that a prominent real estate player had up to 400% of fake websites created by fraudsters. It reveals the menace in digital platforms of the industry.
The study brought out that a prominent real estate player had a total of 387 fake/misrepresentation websites, using the brand’s name in unauthorised manner and even incorporating the names of the projects.
The study further revealed that to receive more traffic on fake websites, the fraudsters were using unethical practices like bidding on other brands and project keywords on search engines. Around 297 fake websites were bidding on 31 other brand keywords, and 90 fake websites were bidding on other 41 project keywords to attract more visitors to fraud customers.
Amit Relan, CEO & Co-Founder of mFilterIt, said, "It’s heartening to see that brands are becoming more responsible, but we believe much more needs to be done by all stakeholders including the government and other industry bodies.”
According to the Indian Real Estate Outlook 2022 report by CIRIL, the real estate market is expected to contribute to about 13% of the country's GDP by 2025 and is estimated to grow to Rs 65,000 crore by 2040.
Here is how you can save yourselves from being cheated and boost awareness!
RERA approved properties: RERA specifies a set of information, such as super carpet area, built-up area, and so on, that must be provided when promoting real estate. The fake websites do not provide all the necessary information, so customers should keep this point in mind.
Conduct thorough research on the real estate firm: The reputation of a real estate brand is everything for it. False information and claims on these bogus websites increase the vulnerability of trust.
Payment scams through fake websites: The asset is mostly delivered in the future, and the buyer is asked to make incremental payments beginning with the booking amount. Scammers could use fake websites to extract money in a systematic manner.
Avoid sharing personal information on the websites: A prospect leaves highly sensitive information, such as personal identifiers like mobile phone numbers, to be approached. Scammers could take advantage of this information.