The decline in the economy in recent years and advancements in technology has created a wide new world for fraudsters and criminals, especially in the real estate industry. Scam artists are looking to take anything and everything they can, and they will if people aren’t paying attention.

Scam Detector is a free smartphone app that exposes in detail more than 550 of the world’s most notorious scams to help prevent fraud. The company behind the app also updates it regularly with the newest scams.

The app educates building owners and managers about how these scams work and teaches them to prevent financial fraud.

Every scam exposed in the app can be instantly shared on Facebook, Twitter or by e-mail, while users can submit their own scams.

The app can be added to a smartphone by visiting either an AppStore or a Google Play Store.

Sorin Mihailovici is vice-president of business development for Scam Detector Inc.