Title fraud refers to when the ownership or title of a property is fraudulently changed or documents are forged to allow a fraudster to illegally sell or refinance the property.
A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont., on Wednesday, May 24, 2023. THE CANADIAN PRESS/Nathan DenetteIt's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock.
La Gamba said a typical case of such fraud involves the perpetrator stealing the identity of a legitimate homeowner — using a fake ID, job letter, credit report or references — to obtain a mortgage through a bank. When the true owner receives the bank's letter demanding that payment, setting off alarms they've been defrauded, it can be a "stressful and very costly burden" of proving they've been the victim of fraud and shouldn't be required to pay that mortgage, La Gamba said.
He said the reason the real estate sector is such a growing area of focus for fraudsters is simple: "The payoff is huge." "As good as our underwriters are, there are schemes that are always one step ahead, so we are now partnering with a company where we're leveraging digital identity verification that actually goes beyond a physical review of a document," she said.
"If you're facilitating fraud, and there is no way for you to see evidence that suggests otherwise, then will have to step away from that transaction," Leung said. Israeli Prime Minister Benjamin Netanyahu railed Sunday against growing criticism from the United States against his leadership amid the devastating war with Hamas, saying the pressure won’t stop Israel from achieving "total victory."Investment and crypto frauds occupy the first place on the list of the top five scams for 2024, according to the Ontario Provincial Police.Montreal Canadiens coach Martin St. Louis is taking an indefinite leave for family reasons.
Seeing flags across the country flying at half mast to honour the life and legacy of former prime minister Brian Mulroney has been 'one of the most beautiful things has seen,' his son Mark said.
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