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Massachusetts couple's million-dollar vacant lot was sold to a developer without their knowledge, according to court documents. The out-of-state owners received their tax bill in August, only to discover that someone had cleared the land and started building a house. An investigation revealed that a scammer impersonated the property owner remotely, selling it for $525,000 to a developer who took out a loan and began construction.

    The FBI is investigating, and attorney Richard D. Vetstein believes his clients will recover their property or receive a significant financial settlement from the defendants' insurance policies. Real estate fraud is on the rise, with 2,284 victims affected in 2022, resulting in $446 million in losses, according to CertifIDs' 2024 State of Wire Fraud Report.

    The report highlights real estate's vulnerability due to public listing data, large transaction sums, and multiple parties involved in sharing information. To combat wire fraud, CertifID uses software, insurance services, and recovery services. The US General Services Administration offers tips to reduce identity fraud risk, including not answering unknown messages and reviewing credit card statements.

    Kosta Ligris, owner of Stavvy, a digital platform for real estate transactions, suggests using technology like his company's to mitigate risks. He emphasizes the importance of authenticating individuals with "something you have" (e.g., ID) and "something you know" (e.g., knowledge-based questions). Biometrics and videotaped notarizations can also provide crucial evidence in cases of identity fraud.