ChatGPT, Deepfakes & More: How to Use AI the RIGHT Way
Many agents are using AI tools to assist with marketing, but there are risks. Here’s what you need to know before hopping on the artificial intelligence bandwagon.
Artificial intelligence (AI) tools are revolutionizing the real estate industry, but they come with risks that can’t be ignored. From deepfakes to chatbots, these dangers threaten businesses and clients. While AI can improve customer experience, provide lead generation and more, the industry must remain vigilant to protect against these risks.
“I always trust and verify. My job is to protect and educate my sellers and buyers,” says Jodi Kaplan, GRI, ABR, a broker-associate with Gulf Coast International Properties, Inc. of Naples. Kaplan says she isn’t aware of many agents using ChatGPT in Florida—yet. However, she is a new ChatGPT user and sees ways to use it in her business to produce content; however, she says, “All information needs to be verified.”
The industry faces growing risks from fraudulent activities by scammers using artificial intelligence/AI tools like ChatGPT and deepfakes. Cybercriminals can create fake listings, manipulate images and impersonate consumers and agents to deceive unsuspecting buyers and sellers, resulting in financial losses.
Here are just a few of the risks:
ChatGPT dangers
ChatGPT is a large language model trained by OpenAI that uses artificial intelligence to understand and generate human-like responses to text-based communication. It can understand and respond to natural language inputs, allowing it to engage in conversations with users on a wide range of topics. For example, agents can command it to write social media posts, sales letters and more.
Here are some things to look for:
- Phishing emails. Hackers can use ChatGPT to generate convincing phishing emails that trick agents, buyers and sellers into wiring money to fraudulent accounts. In the past, poorly written emails were a tip-off to a scam. With ChatGPT, cybercriminals can send well-written emails now.
- Fake property listings. Scammers can use ChatGPT to generate fake property listings, luring buyers into providing personal information or paying a deposit for a nonexistent property.
- Fake personas. Cybercriminals can use ChatGPT to create fake personas and impersonate agents, buyers and sellers, tricking others into providing sensitive information or completing transactions.
How to avoid being scammed
- Verify all email addresses and phone numbers before responding to messages or sharing sensitive information.
- Use multi-factor authentication for all accounts, including email and financial accounts.
- Educate all parties involved in a transaction about the risks of wire fraud and how to avoid it.
- Regularly monitor online listings to ensure they are accurate and legitimate.
- Use video conferencing or in-person meetings to verify the identity of all parties involved in a transaction, and then authenticate in another manner.
Kaplan says that she doesn’t trust any documents she receives without verifying the information. “With preapproval letters, I still pick up the phone and call the lender directly, but not from the number in the letter because anyone can produce these documents.”
Deepfake dangers
A deepfake is a fake image or video created using AI that is made to look real by manipulating or superimposing faces or voices imitating a person. It can be used to deceive people or spread false information.
Dangers include the impersonation of agents, buyers, sellers, etc., the creation of fake homes and property listings, videos, photos and impersonation-synthesized voice deepfakes. Text-to-image AI and deepfakes can be used to create realistic and convincing fake images and videos that can be used to deceive and manipulate people.
Impersonation of agents, buyers, sellers and other real estate professionals can lead to financial fraud and identity theft. Creation of fake homes and property listings can be used to scam people out of money. Deepfake videos and synthesized voice deepfakes can be used to spread misinformation and make agents and consumers appear to say things they didn’t say.
How to avoid being scammed
- Educate the public about the dangers of deepfakes and how to spot them.
- Implement verification and authentication processes for online transactions in the real estate industry to prevent identity theft and financial fraud.
- Increase awareness and education about cybersecurity, along with sharing ways to protect personal information.
Kaplan, who has recently sold 12 houses virtually, states that her job is to protect the consumer, and both sellers and buyers. She says that her safety protocols started long before AI came on the scene but will be even more critical now.
“During virtual meetings, I have clients hold up their ID so that I can verify that it matches their face. Then, with their permission, I enter the information into Truthfinder.com (a pay-for-information site that allows you to search public records and find hidden social media accounts) to see their backgrounds and if there is a criminal history. I explain to buyers how sellers want to know who enters their homes.”
As technology advances in the real estate industry, so do the risks of scams and frauds. As a result, real estate companies should invest in security measures, implement fraud detection systems, and provide ongoing safety and cybersecurity training to prevent fraud and protect clients.
In addition, real estate agents should remain vigilant, educate clients and implement security measures to help prevent scams and protect consumers. #
Tracey Hawkins is known as “The Safety Lady” and is a national speaker on real estate safety.