Fraudulent Rental Schemes

In the United Kingdom alone, victims lost almost a billion pounds to fraudulent deposit schemes.

a case in Florida where 18 families fell victim to a rental scam by the same online culprit. Each family transferred upfront a deposit of $1000 to secure the same property, while the property did not exist.

The scammers use stolen IDs and fake personalities to fraud the victims, often renting the same non-existent property to multiple people, leaving the victims stranded with no recourse.

The immutability nature of the blockchain makes it a natural resource in solving this problem.