When it comes to online transaction fraud, people have to beware of identity theft, stealing money through email compromise, intercepting online transactions, the website has been hacked, and false promises of a refund. The people buying rent to own homes must know different ways of avoiding being caught in these frauds.
Safety Tips for Making Rent to Own Homes Online Transactions
The problems house buyers might face during an online transaction include the identities being stolen, money transferred to fraud bank accounts, and scammers using stolen identities to blackmail them. The buyers must be careful when doing online transactions and follow the tip mentioned below.
Install an Extra Security Software
The first tip the house buyers should follow is to install security software and anti-viruses. Some scammers insert viruses into the website; so that they can steal the information. So, installing an extra layer of security might protect you from scammers and frauds.
Password Protection is Essential
Always remember to use passwords when logging into an application or website to access the account. In this way, no one will have access to your personal information. Some individuals don’t consider this as important and face the consequences of losing vital information.
Avoid Posting Information Details on Social Media
In this era of social media, people love to share everything and often end up posting information that should not. If you want to share your house buying details with family and friends, ensure that you have applied the privacy settings.
Gather Info About Experts helping the Purchase
The buyers must gather everything there is about the experts helping with owning a home now. These professionals include real estate agencies or agents, mortgage brokers, finance experts, and home inspectors. Scammers can pose as these professionals, so full details about them.
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Don’t Share Data Via Email
Many individuals have reported that the information they send via email was hacked and misused against them. So, buyers must avoid sharing their personal and financial information with others and even the seller through emails. Buyers can exchange information when they meet the seller in person.
Have Information about Property Scams
The property scams that a buyer might face include fake escrow accounts, lender demand amounts with every transaction, the title is transferred to the wrong person, and the house listing being fake. The buyers have been warned by property experts like Stop Renting Albany about these scams.
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Avoid Pubic Network for Payment Transactions
People might be pleased that they are using the public Wi-Fi networks for free, but these networks are dangerous because they are extremely vulnerable to hackers. The transfer of personal information and payment details should be avoided via public networks.
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Always Use Your Device
The main advantage of using your devices is that only you can access the websites and apps. You have the authority to hand over the device to whoever you wish. You can also delete the app and reinstall it if you give the device to someone else.
Mobile Applications should be Preferred
The official online payment apps have the latest three-layered security, making it difficult for hackers to intercept the transaction.
Hire Professionals to handle Rent to Buy Homes
Home buyers can ask for referrals from the family and friends about the professionals, including home inspectors, real estate agents, financial experts, and mortgage brokers. Also, you can ask the existing and previous clients of property experts about the working and authenticity of the professionals working there.
Restrict Yourself from Replying to all Messages
You might be tempted to reply to messages that seem in your best interest. But some of these messages could be sent by scammers who might steal your info and do harm.
Avoid Sharing Information with Strangers
No one will intentionally share info with total strangers. The scammers can pose as someone you might know, and you involuntarily share data with that person. So, don’t share the info unless and until you are sure that the person is of your acquaintance.
These are the important tips that buyers of rent to own homes must consider if they want to make the online transaction safe.
Here are three questions that will further enhance your understanding of making online transactions safe.
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Frequently Asked Questions
How do you know if a payment site is secure?
If the website starts with the initials “HTTPS”, then be sure that the site is secure. Also, there should be a small lock at the beginning of the web address. These two signs indicate that the payment website of rent to own homes is secure.
What should not be done during online transactions?
The house buyers should not select an unsecured website for payment transactions. Never share financial and personal details with the customer care representative if chatting on these websites.
Is using debit card online safe?
If the information of your debit card is stolen, then the process of blocking the card is quick.