The real estate industry plays a pivotal role in the global economy, offering opportunities for investment, homeownership, and financial growth. Unfortunately, it is also an attractive target for fraudulent activities. Real estate fraud can range from identity theft and mortgage fraud to title fraud and property flipping schemes, causing significant financial losses for individuals and institutions alike. This past March, the RCMP announced that Canadians lost over $530 million to all types of fraud in 2022 (and that only captures those who actually reported their experiences).
Thankfully, with the advent of technology, the battle against real estate fraud has gained new weapons. Indeed, KPMG Canada reports that 85% percent of companies are strongly considering investing in AI, machine learning, and biometrics as tools to better detect and prevent fraud. If your organization hasn’t already implemented an anti-fraud program, it’s time to do so. Embracing blockchain technology, artificial intelligence, biometric authentication, data analytics, and secure online platforms is what allows real estate professionals to stay one step ahead of fraudsters.