tunl. + IDVerifact

Home Fraudsters on the Rise: The Evolving Real Estate Scams You Need to Know

As the real estate market continues to boom, so do the number of scams targeting homeowners. From cybercrime to title fraud, equity stripping, and foreclosure fraud, the growing threats in real estate require homeowners to be vigilant against evolving tactics.

Cybercriminals are leveraging the digital age to gain access to sensitive information and steal homeowners’ identities. From phishing emails and weak passwords to hacking, cybercrime is the new frontier in home fraud. These scammers create fake deeds and sell properties without the owner’s knowledge. Staying ahead of cybercrime requires sophisticated digital security measures, including strong passwords, multi-factor authentication, and regular credit monitoring.

Title Fraud, a Timeless Scam with a Modern Twist. An age-old scam in which a fraudster steals a homeowner’s title, forge their signature, and sell their property to an unsuspecting third party. This scam has evolved in the digital age, with fraudsters creating fake titles and transferring ownership without the owner’s knowledge. Homeowners must be cautious when giving out personal information and should always work with reputable title companies.

Real estate fraud is a hot topic, and recent cases have brought the dark side of the industry to the forefront. Fraudsters have been using fake IDs to sell properties without the owner’s knowledge, tricking everyone from real estate agents to major banks.

It’s time for the industry to step up its game and implement more advanced identity verification solutions to its core practices. Current verification methods are not enough in today’s rapidly changing world, and sophisticated compliance verification tools are necessary to combat fraudsters.

In one instance, a man tried to rent two homes in Toronto using a fake ID, but was denied. The same forged driver’s license was used by organized crime to rent two Toronto properties without the homeowners’ knowledge. In another, a guy tried to rent two homes using a fake ID, but real estate agents weren’t fooled. Turns out, the same forged driver’s license was used to rent the two Toronto properties that were being sold by organized crime members without the homeowners’ knowledge. 

The industry needs to do more to combat fraudsters, and that starts with better identity verification processes. We’re talking advanced compliance tools that can easily check more than just age, address, employment, and FINTRAC.

Real estate brokerages and agents must do their due diligence and use third-party identity verification platforms to ensure that individuals are who they say they are. The verification process must be regulated to prevent fraudsters from taking advantage of any weaknesses.

That’s where tunl. comes into play. In partnership with IDVerifact, tunl. enables financial institutions with the technology they need to completely and uniquely authenticate any and all stakeholders involved in a transaction/ interaction. IDVerifact’s CRAView provides a distinctive set of tools to obtain reported income from the Canadian Revenue Agency directly without your members needing to produce hardcopies of NOAs or any other documentation and without storing any of that delicate data. Our robust set of solutions can fit any business use case.

Sophisticated digital security measures, caution when giving out personal information, and working only with reputable professionals are critical steps to avoiding becoming a victim of financial fraud. Stay informed, stay vigilant, and stay protected against the evolving threats of home fraud.