Fake listings on online platforms have been linked to millions in reported losses.
The Federal Trade Commission (FTC) recently announced that consumers have reported nearly 65,000 rental scams since 2020, resulting in losses of about $65 million. The agency found that adults ages 18 to 29 were significantly more likely than other age groups to lose money through fake rental listings posted on social media and online marketplaces.
The agency stated, “Some ways to help avoid rental scams include searching for the rental address online to see if the same property is listed with different prices, contact information, or is listed as being for sale.”
“Consumers should also avoid sharing personal information until they have agreed to rent a property,” the FTC warned. “In addition, consumers should check out typical rents. If the advertised rent of a listing is much cheaper than rents for similar rentals in the same area, that could be a sign of a scam.”
As the Lord Leads, Pray with Us…
- For Commissioner Andrew Ferguson as he heads the Federal Trade Commission.
- For commissioners in the FTC as they collect data and educate the public about consumer fraud.
- For members of Congress as they consider legislation to address online fraud and scams.
- For discernment for younger Americans as they look for affordable housing.
Sources: Federal Trade Commission
