Fraudsters create fake rental ads, pretend to be agents, or even steal personal information.
Finding a place to live can be stressful, and online rental platforms offer a convenient way to search for properties. But renters in India beware! Online rental scams are becoming increasingly common.
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The surge in online rentals has brought a wave of rental fraud to India’s housing market. Unwary renters and landlords are falling victim to scammers’ cunning tricks and deceptive schemes.
Fraudsters create fake rental ads, pretend to be agents, or even steal personal information. Being a victim of rental fraud doesn’t just mean losing money; it can also cause a lot of stress, disrupting your life.
To stay safe, you must understand how these fraudsters operate and take steps to protect yourself. Online marketplace OLX has shared eight ways to prevent such frauds.
Ensure physical meetings: If the property owner hesitates to meet you in person or provide a physical tour of the property, it’s a major red flag. Insist on meeting the owner and conducting a thorough inspection of the property/ site before finalising any agreement.
Avoid requests for hasty move-ins: Be wary if the landlord or tenant pushes for a quick move-in without allowing sufficient time for inspection or verification. This tactic is often used to prevent scrutiny.
Thoroughly vet the landlord or tenant: Before committing to a rental agreement, request valid identification documents such as an Aadhaar card, passport, or driver’s licence to verify the landlord or tenant’s identity. For landlords, verify ownership documents like property deeds or rental agreements to ensure they are the rightful owners of the property. For tenants, ask for references from previous landlords or tenants to gain insights into the individual’s rental history, behaviour, and reliability.
Never share OTPs or PINs: Both landlords and tenants should never share OTPs or PINs. Legitimate rental transactions do not require sharing such sensitive information. These codes grant access to bank accounts and personal data, making them targets for fraudsters.
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Avoid Upfront Payments: Beware of landlords or agents who demand large upfront payments or security deposits before you have had a chance to inspect the property or sign a rental agreement. Legitimate landlords typically follow a standard payment process.
Verify Tenant Payment Methods: Landlords should verify the authenticity of tenant payment methods to prevent rental frauds. Insist on secure payment channels such as bank transfers for rental deposits and monthly payments. Avoid accepting payments through unconventional methods or clicking on links provided by tenants, as they may lead to phishing attempts or fraudulent transactions.
Be Wary of Unrealistic Deals: Be cautious of rental listings that offer exceptionally low prices. If a deal appears too good to be true, it may be a scam. Compare the listing with similar properties in the area to determine if the offer aligns with market standards. Conduct thorough research to ensure the legitimacy of the rental listing and to avoid potential scams.
Stay Alert for Common Scams, Including QR Code Scams: Be aware of common rental scams, such as fake agents, advance fee frauds, phishing attempts for payments, and QR code scams. Scammers may use QR codes in rental listings or communications to trick you into:
Visiting malicious websites: These websites may look legitimate, mimicking real estate websites or payment gateways. Once you enter your personal information, it becomes available to the scammers
Downloading malware: Malicious software can be hidden within a QR code. When scanned, it can infect your device and steal your personal information banking credentials or even lock you out of your device.
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By following these tips, you can significantly reduce the risk of falling victim to fraud and ensure a smooth and secure experience. Protect your finances from upfront payment scams and safeguard your personal information. Proper procedures can help you connect with trustworthy landlords or tenants, leading to a stress-free move-in and a positive rental experience.
