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Protect Yourself from Financial Fraud

January 13, 2021

Protect yourself from financial fraud: Protect yourself from fraud during the pandemic


The last thing you need in this time of uncertainty is to become a victim of fraud… and fraudsters are not slowing down. In fact, they are taking advantage of the COVID-19 pandemic to prey on consumers’ fears. But the more informed you are, the better you will be able to protect yourself.


You may get a phone call, email or text regarding COVID-19. If you do, be very cautious. If it seems too good to be true, it probably is. Beware of fraudulent emails, texts or calls about repaying the Canada Emergency Response Benefit or repaying the Canada Emergency Student Benefit. There are official ways to make a repayment and these are CERB and CESB repayment scams.


The Canadian Anti-Fraud Centre also has a list of reported frauds and scams, including those associated with the pandemic. If you suspect a fraud, alert the center, as well as your financial institution immediately.


Protect yourself from financial fraud Part 2: Real Estate Fraud


Real estate fraud can cause you to have large financial losses. If you are a victim of real estate fraud you may find out that you no longer own your home or that there have been additional mortgages taken out in your name. There are two main types of real estate fraud that may result in financial loss: title fraud and foreclosure fraud.


Title fraud happens when the title to your home is stolen, and then the fraudster sells the home or applies for a new mortgage against it. Title fraud usually starts with identity theft, which can happen if somebody steals your personal information.


Foreclosure fraud usually happens when you are having problems making your mortgage payments. You may be tricked into transferring your property title to somebody to get a loan that will help you make your payments. Fraudsters usually keep the payments you make and also possess the title to your home, which they can resell or remortgage.


To help protect yourself against real estate fraud, you should keep your mortgage information in a safe place and shred old documents rather than throwing them in the trash. Make sure to contact your mortgage lender first if you are having difficulty making your mortgage payments and consult your lawyer before giving another person a right to deal with your home or other assets. Finally, always research any company or individual who offers you a loan.


We have been working in the mortgage space for over 20 years and have helped over 100,000 Canadians live their Monster Life by reaching their mortgage goals. We work with over 20 lenders who are eager to earn your business, so let us do the research and shopping for you and help you avoid real estate fraud.