Fraud is on the rise, and the experts are rising to meet it
By FCT
March marks Fraud Prevention Month, when professionals across Canada discuss the issue of fraud and raise awareness among consumers and businesses. 2023’s conversation started early, when?dozens of title fraud cases made national headlines ?starting in January. FCT had previously sounded the alarm about title fraud in?a piece for the Globe and Mail last year .
“Fraud involving real estate is a very real threat, and like other types of fraud, it’s one that has been getting worse during the pandemic,” a Certified Fraud Examiner (CFE) from FCT said. “A lot of people think it can’t happen to them—until it does.”
One case that stands out started when a homeowner, living abroad at the time, got a phone call from his neighbour. The neighbour had seen movers taking furniture into the home, and was surprised the owner hadn’t told them he was selling the property. That’s how he found out the title to his home had been stolen. Fortunately, he had protection.
“Title insurance really is the best defense against title fraud,” explains Daniela Detommaso , president of FCT. “There’s no reason every homebuyer and homeowner shouldn’t have it—nobody gets a home or a car without insuring it, why not their title?”
For Daniela, fraud is a unique threat to the real estate industry. “At FCT, we protect property owners and homebuyers from expensive and hard-to-anticipate risks, but none of them have the same human cost as fraud,” she says. “I’m so proud to lead a team of industry experts who?work hard to detect and prevent it .”
“They know what warning signs to watch out for and flag deals for our legal and lending partners,” Daniela continues. “They play a vital role in protecting consumers because the threat of fraud is growing—the number of suspicious transactions we’ve seen at FCT has tripled since the start of the pandemic.”
The consequences of title fraud are dire: In Ontario, if you’re the innocent buyer of a fraudulently sold home, you don’t get to keep it, but you do keep the debt. In B.C. on the other hand, if someone innocently buys your property from a fraudster, you just lost your home.
Don’t leave your home at risk. Get protected now, no matter how long you’ve owned it, with?existing homeowner’s coverage from FCT.
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Insurance by?FCT Insurance Company Ltd.?Services by?First Canadian Title Company Limited. The services company does not provide insurance products. This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request. Some products/services may vary by province. Prices and products/services offered are subject to change without notice.
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