Two Canadian homeowners recently faced their worst nightmares after scammers managed to obtain the titles to their properties and use fake IDs and forged signatures to steal the ownership.

The brazen home title fraud, although occuring in Ontario, has sparked the Better Business Bureau serving mainland B.C. to issue a warning of caution to local residents.

B次元官网网址淭itle fraud has been a threat to the Canadian real estate industry and is a potential risk for every property,B次元官网网址� says president and CEO Simone Lis.

B次元官网网址淭he best thing you can do is take proper precautions to avoid falling into this scam, and know what to do if it happens to you.B次元官网网址�

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The Better Business Bureau has offered up five tips to avoid becoming a victim:

1. Consider purchasing title insurance, which can act as the B次元官网网址渙nly saving graceB次元官网网址� if fraudstrers strike, the BBB said. Because the fraudulent title is not legally binding, the new buyer canB次元官网网址檛 resell the propery and recoup their funds. Meanwhile, insurance companies will often investigate the suspected fraud and help the homeowner find a lawyer.

2. Safeguarding personal information B次元官网网址� including shredding documents with personal information such as bank account numbers B次元官网网址� is important, BBB says. ItB次元官网网址檚 also wise to be suspicious of unprompted calls asking for personal information. DriverB次元官网网址檚 licences should be kept safe and protected.

3. ItB次元官网网址檚 advised to check credit reports regularly to spot unauthorized inquiries.

4. Reviewing bank account activity should also include credit cards, BBB says. Sometimes, scammers will change the addresses associated with a bank account. If bills donB次元官网网址檛 arrive on time, or at all, its advised to call creditorB次元官网网址檚 for follow-up. Another red flag is debt collectors contacting you about debts that are not yours.

5. If itB次元官网网址檚 believed a scammer has used someoneB次元官网网址檚 identity, place a B次元官网网址渇reezeB次元官网网址� on the credit card and bank accounts immediately, and report to subsequent fraud departments.

sam.duerksen@blackpress.ca
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