According to the Financial Consumer Agency of Canada, "Title fraud happens when fraudsters steal the title to your home. They sell your home or apply for a new mortgage against it. Title fraud usually starts with identity theft, which may happen if someone steals your personal information."

First, a property is targeted. An empty, clear-title home where the owner is away for an extended time works best. Next, someone pretends to be the owner.

Today’s technology makes it easy for fraudsters to steal a homeowners’ identity. Discarded confidential documents, social media searches and the Dark Web make obtaining personal information easily available. With high quality fake ID and knowledge of the process, it’s easy to sell or mortgage a property.

These bandits are sophisticated! Once they receive the sale or mortgage proceeds, the stolen funds are out of their bank account and sent offshore, making recovery impossible.

Title/mortgage fraud is on the rise. It has always been around, but recent reports say there are 30+ cases in the greater Toronto area alone. Alberta is not immune!

This is another good reason for buyers (or anybody refinancing their home) to confirm they have title insurance. It specifically protects against this kind of fraud.

We now recommend to all our real estate clients that they obtain a title insurance policy. You may want to consider making that same sort of recommendation.

Protect yourself.

Cheers,

Barry

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