Picture this: Someone has stolen your ID and taken out a loan in your name or claimed a tax rebate.
But it’s not the thing you have to worry about! There’s a worse danger you should be concerned about, like they can sell your home under your name when you are abroad working there. It means you won’t even know if someone else is moving into your house.
Such real estate title fraud cases through identity theft are becoming a concerning matter day by day because, with the advancement of technology, identity theft has become easier for scammers in Canada.
Real Estate Fraud Title through Identity Theft Using New Technologies
Being a resident of Canada, you may often hear about real estate fraud title insurance. The first question that may come to your mind is, “Is Property Title Theft Real?” Unfortunately, YES!
These days, scammers have a lot of options to access their ID using advanced technologies and new techniques. For example:
A scammer can easily steal your personal data, including identity, using a public Wi-Fi network since it moves from and to the cloud. Or the fraudsters can use another identity theft process, like phishing. Here, they can steal your ID by sending you an email or text to the cloned version of a company website posing as a trusted government body. And when you click on those credentials, the scammers can use your details directly from there.
In fact, title fraudsters are not the only ones related to identity theft. Different companies holding customers’ personal details and IDs can also be responsible for home or residential property title fraud. They may disclose your confidential information on the dark web, which search engines don’t index. Then, the scammers use special software to access those sites and put your IDs for sale. Or some can check your ID and other details just to find an ideal target that may not be you, but still, it’s a risk!
How to Keep Yourself Safe from ID Theft to Avoid Title Theft in Real
Well, as professionals, we can suggest two ways to reduce the chances of getting your ID stolen and used for home title fraud. Such as:
1: Insure title after every transaction-
After every deal, transfer fraud remains a risk. And if it happens, the only recourse you will have is title insurance. It will help you ensure that your property is safe and that no intruders or scammers can take over it.
2: Consider FCT title insurance-
FCT title insurance is the best way to protect the ownership of your property while covering non-title or non-ownership issues, including municipal problems, work orders, tax payments, fraud and forgery and encroachments. With this, you can stay safe against title fraud regardless of the time length you have owned the property.
Real estate title frauds are on the rise in Canada. And if you want to keep your property protected and have peace of mind, connect with us at Canada Title Monitoring. With our title monitoring tracker, you can receive alerts regarding potential title troubles, like title frauds, while monitoring your property and preventing sale delays, lawsuits, huge legal bills and title defect eliminations.