The real estate industry has unfortunately been hit with a major epidemic. The Federal Bureau of Investigations (FBI) releases data every year to warn everyone involved in a real estate transaction about the problem, but unfortunately the data continues to show that the problem isn’t getting any better. That issue is fraud, and it can impact every aspect of a real estate transaction, from listing a home, and getting a mortgage to closing on the property.
According to the latest statistics from the FBI’s 2018 Internet Crime Report, cybercrime, including title and real estate related fraud, cost victims more than $7 Billion in the last five years—including more than $2.7 Billion in 2018 alone. The most populated states in the nation were impacted the most: California, Texas, Florida and New York.
Title Resource Group (TRG), the leading title services provider, is launching a new campaign to help educate consumers and agents about fraud in hopes of lowering those numbers. As a part of this initiative, TRG has developed Fraud Racer, an online game designed to educate and raise awareness of fraud in a fun and engaging way. Players answer questions about fraud correctly to reach home safely, while avoiding criminals that pursue them. The game is available to play at fraudracer.com and on all TRG family company websites.
Education is crucial to the prevention of fraud, since it is the only way to make sure that people are aware of the potential risks of fraud during a transaction. This is especially true when you look at older generations of homebuyers. Of the $2.7 Billion that victims lost in 2018, approximately $649.2 Million were from victims that are 60 and older. Meanwhile approximately $900.5 Million were from victims that ranged from 40 – 59 years old.
“Fraud is a major problem, especially for victims who suffer during what is usually the largest purchase of their lives, but by gamifying this billion-dollar problem with Fraud Racer our goal is to raise awareness of potential issues and how to steer clear of them,” said Walter Mullen, TRG’s Chief Strategy Officer. “Awareness leads to vigilance, and everyone in the industry has a role in helping consumers protect themselves and drastically lowering those fraud statistics from the FBI.”
Think you have what it takes to outrun the tactics of a fraudster? Get behind the wheel and test your knowledge on the track at FraudRacer.com.