We talk a lot about the increasing amount of real estate fraud happening across Canada, but have you heard about a recent, high-level real estate scam led by four suspects in the Greater Toronto Area?
These four individuals allegedly used fake identifications to pose as homeowners across the GTA to rent out properties, and in one instance, even take out a second mortgage. These incidents occurred between June and October of 2022 and in just a few months, the suspects defrauded hundreds of thousands of dollars from their victims. The case is still ongoing and the four are wanted for eight offenses, including fraud over $5,000 and identity fraud.
Cases like these truly illustrate the importance of ID verifications. Indeed, identity theft is at the heart of it all. With true homeowners being impersonated, fraudsters are creating terrific fake IDs, which are even difficult for police to detect as fakes. Among other reasons, that’s why working with a real estate law firm that leverages state-of-the-art technology is of paramount importance when closing your real estate deal. At Axess Law, we put the right policies and safeguards in place to protect the privacy and verify the identity of all our clients.