NAR warns of cryptocurrency scam

The U.S. Secret Service has informed the National Association of REALTORS® (NAR) about a new cryptocurrency scam targeting real estate professionals, some of whom have lost a significant amount of money. In the scam, fraudsters pretend to be wealthy all-cash homebuyers and engage a real estate agent to develop a relationship.

Through the course of the engagement, the fraudster lies about becoming rich through cryptocurrency and then invites the agent to check out a crypto investment website that looks legitimate with cryptocurrency that seems real. This is a variation of a “pig butchering” scam where the victim is “fattened up” before taking the bait. The real estate agent makes a small investment, sees a large return, and is allowed to withdraw their profit. The agent then invests more money—even their retirement savings—only to lose it all.

It’s critical for members to remain informed. SPAAR will continue to share information as more is learned or read NAR's Hot Topics here.