August Alert
Beware of Rental Scams
Rental scams occur when someone advertises a rental property that doesn’t exist or that has already been filled, to collect payments up front. Scammers may create fake websites to make these offers seem legitimate or post a fake listing using a legitimate online platform such as Craigslist or Facebook. Follow these tips so that you don’t fall victim to this type of scam.
What to watch for:
- The rent is suspiciously low
Watch out for properties that are listed for far less than other rentals in the same area.
- No screening
Watch out for a property manager that accepts you without asking for references, a credit check, or background information.
- The property manager won’t let you tour the rental
Watch out if you are told that an in-person tour is unavailable, or that you are required to pay a fee to see a property.
- The property manager asks for money before you sign a lease
Watch out if you are asked to send money before you sign a lease, see the property in person, or meet with the property manager.
- Unusual payment methods
Watch out for a property manager that asks you to pay via wire transfer, cryptocurrency, gift cards, etc.
- The address isn’t verified
Watch out for listings that have addresses that aren’t verified, don’t exist at all, or may be in foreclosure.
- No lease agreement is available
Watch out for property managers that do not provide a lease agreement or if the lease agreement is incomplete, as this could leave you with no legal claim to the property.
How can I protect myself?
To protect yourself from rental scams, never send money, deposits, or sensitive personal information before seeing the property in person and signing a formal lease. Watch out for prices that are too low, property managers who refuse to meet, and requests for unusual payment methods.
Fraud
Recognize it. Report it. Stop it.
If you suspect your account has been compromised, please report it to us immediately. This will allow us to take appropriate steps to help prevent fraud. Individuals impacted by fraud should also contact local police and file a report about the fraud.
In addition, impacted individuals should contact Canada’s credit reporting agencies – Equifax and TransUnion - and have a fraud alert put on their credit file. This could help prevent someone else from taking out a loan or credit card in your name.
The Canadian Anti-Fraud Centre also has a website which lists the most recent scams, and is full of tips to identify, prevent, and report all types of fraud.