Transfer Smart Alert: Watch Out for Timeshare Scams This Summer

As the spring rolls through and the summer heats up, fraudsters are planning their next seasonal scams. With this, the US Federal Trade Commission warns consumers as they have an average of over 15,000 complaints a year related to travel, vacation or timeshare scams. Although the typical victims today are those owners who are trying to get out of their timeshares, there could also be a number of ways that these fraudsters would operate. Thus, think of safety in mind when planning your next summer vacations.

Be careful about those things whenever someone offers you money or dinner or tickets to anything in exchange for your time to sit down and learn about a timeshare opportunity. Know that a very hard sell by someone who does not take no for an answer is coming. These people will tell you that you’ll have no problem renting your unit out, which most of the victims commit to buy. The reality is there are hundreds or thousands of timeshares for rent today and this means that it’s cheaper to rent someone else’s timeshare than it is to buy one and people who rent them out often do so for less than their annual maintenance fees.

Most individuals can’t say no to these professionals who offer too good to be true vacation options. So, if you absolutely don’t want to buy a timeshare, don’t take the bait and just don’t go to the sales presentation. Another scam relates to classified offerings for summertime rentals that don’t exist. There may very well be an actual cottage rental, but the scammer may not own it and he may be renting it to 30 people for the same week. This scam has already victimized many vacationers and this often involves upfront fees that the victim never gets back.

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