Vacation Rental Fraud

Podcast Transcription

Money Talk is a podcast brought to you by PFCU where we will share tips and tricks and talk to the experts on all things finance related. Join us as we cover everything from credit and loans to cyber security and careers. No matter where you are in life, PFCU is here for you.

Hi everyone, welcome to another episode of PFCU’s Money Talk podcast, I’m your host, Maddy. I hope you are getting ready for a vacation now that summer is here or maybe even planning ahead for next year’s vacation. If you plan to use a popular vacation rental website or app, such as AirBnB, HomeAway, or VRBO to find your next getaway, keep an eye out. Cybercriminals are using these services to trick you and steal your money. I mean, what’s new, right? It seems like everywhere we turn, there’s another scam to watch for. I know it can feel overwhelming which is why we’re here- to break it down for you.

So, how does it work? The scammers often post completely fake rental listings using images they find on the internet, or they steal pictures and property details from legitimate rental listings to create their own listing with the scammer’s contact information. When someone inquires about a fake listing, the scammer will request a security deposit or a portion of the full rental price as a down payment. Once the scammer has your money, they’ll cancel the reservation at the last minute, or you might arrive at your vacation home to find that the property is already booked, or that the property doesn’t even exist.

Don’t let the scammers ruin your vacation. Remember the following tips when you’re booking your next vacation rental online:

Number 1, book official. Only use reputable websites that offer protection against fraud and have a secure payment portal.

Number 2, make sure that the property actually exists. Search for the property on Google Maps or another mapping service. If you know someone in the area that you will be visiting, ask them to check out the property for you. Scammers might use an address that doesn’t exist, or use the address of a random company, vacant building, or parking lot.

Number 3, research the rental listing. Search online for the property owner’s name and address, and look for images of the property, before you make a deposit. If you find multiple listings with different contact information, reconsider booking the property.

Number 4, read the reviews. If a property has multiple negative reviews, or doesn’t have any reviews at all, maybe consider a different property.

And lastly, number 5, only make payments through the official website for the rental listing. Scammers often are going to try to get you to pay with a check, get you to wire them money directly, or use services like MoneyGram or Western Union to make a payment.

Well, there you have it, don’t be fooled by scammers when booking your vacation rental and enjoy your time away.

Money Talk is a podcast brought to you by PFCU. PFCU offers many products and services to fit your needs. From our various loan and account options to our team of financial coaches to help you reach your goals. Make sure to take advantage of the many conveniences PFCU offers, such as the mobile app, mobile wallets, bill pay, and more. Visit our website at pfcu4me.com to learn more. PFCU is an equal housing lender and is federally insured by the NCUA.