Spotting Identify Theft Combats Fraudulent Mortgages

Identity theft - a crime often attributed to title fraud - is something that Canadian lenders continue to struggle with. While stats on Identity theft in Canada are scant, this infographic includes some startling statistics with respect to our counterparts south of the border that are worth sharing with your team.

Why is this important? Educating your team about the cost and importance of identity theft is step one towards creating awareness to prevent fraudulent property transfers and mortgages. Your underwriters are your front line and the ambassadors that you rely on to protect your interests. Grasping the reality of the challenges that identity theft presents to the entire financial industry impassions many to want to work harder to combat it.

Here are some tips that you can deploy to identify potential identity theft:

·        Check all documents against one another.

·        Independently verify who is on title to the property and the transaction history on the property.

·        Conduct a skype interview to see the person face-to-face and compare against their identification.

·        Look for discrepancies or flags being reported on the credit report.

Identity theft can cause a ton of problems when it comes to lending, but a few simple steps can significantly reduce your risk and help you identify many fraudulent behaviours.

For more about preventing identity theft, or the tools to help you verify information, please contact Purview For Lenders today by calling 1.855.787.8439.