On paper, the owner of Spelling Manor, a 120-room property located in iconic Beverly Hills in Los Angeles, has everything to be happy. This property is also up for sale for the tidy sum of $137.5 million.
When AI boosts fraud
Problem, he will not be able to carry out this juicy operation. For what ? According to him, scammers filed a fraudulent property deed with the city county. The two people accused of this scam are currently on trial. They, for their part, claim to be the real owners.
Beyond this case, which the American justice system will decide, we can see a resurgence of this type of attempt. According to a study published in May by the American Land Title Association and economic research firm NDP Analytics, seller impersonation fraud is exploding. Thus, 28% of title insurance companies experienced at least one attempted fraud in 2023, 19% of them paid the price in April 2024 alone.
These figures are not the result of chance according to Business Insider. Indeed, cybercriminals are taking full advantage of the rise of artificial intelligence tools to take action.
Caution is required
The immobilization specialists consulted by the American media are keen to sound the alarm. These scams do not only affect very large homes, but can also impact everyone who has more modest accommodation.
Tyler Adams, CEO of CertifID, emphasizes in this regard: “But I hope it won’t be the other way around and people will think: ‘The fraudsters are going after the big prize. They will never attack my $200,000 house.” This is not the case. The problem is much worse in a market with lower prices.” Vigilance is therefore more important than ever.
Concerning more traditional thefts, and to go further, you can read our guide where we list ten good tips to protect yourself effectively from burglaries, in particular by using, if necessary, the use of remote surveillance.
What to remember:
- Experts note a surge in seller impersonation fraud
- These attempts are simplified by the use of artificial intelligence tools
- Extra caution is needed to avoid the worst.
