I am sure that many of you are aware of the ongoing buyer Zoom scam. This growing scam involves a "buyer" who reaches out expressing a strong interest in purchasing property, often luxury homes, investment properties, or commercial real estate. They seem knowledgeable, financially qualified, and eager to move quickly. However, there is one unusual condition: they insist that all communication occur through Zoom or other video conferencing platforms.
Their goal is to get the agent to actually engage with them and participate in one of these Zoom calls. What happens is it will typically progress through multiple video calls designed to build trust. The "buyer" may discuss offers, request contracts, and involve supposed attorneys, accountants, or business partners. The goal is to convince the agent, seller, title company, or attorney that they are a legitimate participant in a real estate transaction.
The ultimate objective is usually one of three things:
- Wire Fraud – The scammer attempts to redirect earnest money, closing proceeds, or other funds to fraudulent accounts.
- Identity Theft – The scammer gathers personal information, signatures, banking details, or confidential transaction documents.
- Money Laundering or Property Fraud – The scammer uses stolen identities or fraudulent entities to gain control of a transaction or property.
Many victims don't realize they are dealing with a fraudster until late in the process, when funds have already been transferred or sensitive information has been compromised. Therefore, it is essential to protect yourself:
- Verify identities independently.
- Confirm all wiring instructions verbally through known phone numbers.
- Be cautious of buyers who refuse in-person meetings indefinitely.
- Verify corporate entities and ownership structures.
- Involve title companies and legal counsel when unusual circumstances arise.
- Trust your instincts if the story becomes overly complicated or secrecy is requested. *This one is super important. If it feels "off", most likely it is.
- I would even consider contacting your local authorities if you suspect a caller is trying to use this scam. Any information could assist the authorities in catching these scammers.
Technology makes real estate more efficient, but it also provides new opportunities for fraud. A legitimate buyer may occasionally prefer Zoom. A scammer insists upon it while avoiding every opportunity for independent verification. As always, "Trust, but verify" remains one of the most important rules in real estate.
And remember, one of the biggest red flags is when the buyer appears highly motivated to purchase but shows surprisingly little interest in the property's condition, neighborhood, or financial details. Real buyers ask questions. Scammers focus on controlling the process. Stay vigilant, my friends.
I had one reach out to me recently, and because I was aware, I circumvented this guy. They are slick. They are insistent, and their endgame is to scam you or your clients out of their hard-earned money.
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