In an alarming new development, cybercriminals are targeting real estate professionals with a long-term cryptocurrency scam that relies on building trust before striking. Dubbed a “long con” variation of the notorious “pig butchering” scam, this scheme has prompted warnings from the U.S. Secret Service and the National Association of Realtors (NAR) as it gains traction across the industry.
Real estate agents, accustomed to quickly establishing rapport with new clients, are becoming prime targets for these well-orchestrated cons. And unlike typical fast-paced scams, this one unfolds slowly and methodically, making it all the more convincing.
How the Scam Works: From Trust to Betrayal
The scam begins innocently enough. A fraudster, pretending to be a wealthy, all-cash homebuyer, approaches a real estate agent and begins building a relationship. Over time, the imposter weaves in a tale of financial success, usually centred on cryptocurrency investments. The agent, intrigued by their client’s supposed prosperity, is eventually invited to check out a crypto investment platform the scammer claims to have used.
What follows is textbook psychological manipulation. The website appears professional and legitimate. The agent makes a modest initial investment, perhaps a few hundred dollars and soon sees a return. Even more convincingly, they’re allowed to withdraw a portion of the “profit,” reinforcing the illusion of a safe and lucrative opportunity.
“The agent makes a small test investment, sees an impressive return, and is even allowed to withdraw their profit,” explains Will Looney of CertifID, a fraud prevention company. “Then they invest more. Sometimes everything. That’s when the platform goes dark.”
Not Just Agents: A Warning to All Real Estate Professionals
The scam doesn’t end with agents. The FBI warns that all real estate professionals brokers, lenders, attorneys, and title agents are potential victims. The common thread: each is trained to build trust quickly and work closely with clients in high-stakes financial transactions.
“These scams are highly organised, often run by overseas criminal networks,” Looney adds. “And because real estate professionals are used to building quick trust with new contacts, they’ve become a prime target.”
The FBI bulletin outlines key red flags that should raise immediate suspicion. These include attempts to accelerate relationship-building, individuals flaunting wealth and promising unusually high returns, and a reluctance to meet in person or engage through official business channels.
Why This Scam Works So Well
What sets this scam apart is its calculated pacing and emotional manipulation. Instead of a hurried pitch or threatening message, the scammer patiently cultivates trust over weeks, even months. The victim feels in control until they’re not.
The psychological bait is classic: a small, successful transaction that builds confidence. But it’s a trap. Once the victim invests larger sums, sometimes their life savings or retirement funds, the fraudsters vanish. The website disappears, the contact goes silent, and the money is gone.
The method is modelled after the so-called “pig butchering” tactic, where victims are “fattened up” with fake success before being financially slaughtered.
How to Protect Yourself and What to Do If You’re Targeted
The FBI urges professionals to exercise extreme caution with unsolicited communications. “Never respond to unsolicited texts, social media messages, or emails soliciting an investment,” the bureau advises. Even a message that appears friendly or helpful could be the first step in a sophisticated con.
If you receive a suspicious outreach, especially one that quickly becomes personal or pushes for off-platform communication, stop engaging and report it immediately. Victims or those who suspect a scam should file a report with the Internet Crime Complaint Centre at www.ic3.gov and contact local law enforcement.
As real estate remains a high-value, high-trust industry, experts warn that cybercriminals will continue to adapt. Staying informed and alert is the first and best defence.
Be Friendly, But Be Vigilant
In a business built on trust, it’s easy to let your guard down. But as scams grow more sophisticated and personal, professionals must balance client care with cyber caution. That friendly, all-cash buyer might just be a wolf in crypto clothing.
