Timeshare Owners Warned by FBI to Avoid Resale Scammers

FBI warns timeshare owners to watch out for Mexican scammers who may be targeting them.

Scammers pretend to represent companies that rent or sell timeshares to their victims, stealing millions from timeshare owners, according to the FBI said In a public service announcement Thursday.

The bureau’s Internet Crime Complaint Center received over 600 complaints last year, approximating losses of $39.6 million from victims contacted by scammers regarding timeshares owned in Mexico.

Timeshare refers to a type of property ownership in which several people own a particular property for a specified period. It is usually a condo or apartment.

Although it can be challenging to sell a share in timeshare properties, the Federal Trade Commission notes that timeshares are valuable for their use as vacation destinations and not as profit-making tools.

Scam

The FBI says the con involves fraudsters pretending to be sales reps for a company that resales timeshares. They use high-pressure selling tactics to persuade owners of timeshares to rent or sell their property. This con is well-known for its long history.

Crimes contact timeshare owners by email or phone asking for an upfront fee to be listed and advertised. According to the PSA, scammers will not accept payment unless additional charges are paid.

In an alert by the FBI, it states that this is point “calls go unanswered, numbers are disconnected, and websites are inaccessible.”

Fraudulent timeshare recovery firms may contact victims in some instances to offer help with their losses.

“The representative from the recovery company promises assistance in recuperating money lost in the sales scam. Some recovery companies require an up-front fee for services rendered,” These are the alert states. “At times, scammers purport to be a government entity r