4 FAQs about Property Fraud

Are you a homeowner? Then, you should learn about title theft, as this criminal scheme threatens the security of your property. Knowing more about it can help you avoid falling prey to this crime. Here are some of the most frequently asked questions about it.

What is title theft?

Title theft, which is also known as property fraud, happens when people steal your identity and use it to impersonate you. They then do legal and financial transactions to transfer your home under their ownership. Once they have your assets in their hands, they'll take out as many loans as possible, using these as collateral for the debt. Usually, the homeowner is unaware of these illegal activities until they're notified by the lending party that they want to foreclose the house.

How do these criminals perform identity theft?

They obtain your personal information, such as your birth date, Social Security number, and credit card details using various means. It used to be a pretty rare problem, but in the age of the internet, it's become increasingly more common.  It's now easier for criminals to steal data since most people entrust theirs to different kinds of online platforms.

One of the most frequent ways people get tricked into providing personal details is through a method called phishing. This is when felons mimic official websites of businesses that the victims will often transact with, such as banks and other service companies. Someone may fill in their data on these pages, thinking they're giving it to a legitimate organization.

Who do these criminals often target?

There are a few groups that are frequently targeted by these felons. The first is the elderly, as many of them have a large amount of equity in their properties. They generally aren't as adept in using modern technology, so they're more prone to accidentally providing essential information to phishing websites. Some of them may also forget to check for their title tax bills in the mail, so they won't immediately find out about the fraud.

Another group that's often targeted is owners of vacation and second homes. Most people rarely pay attention to the property that they don't really use. Criminals are aware of this and take note of which houses aren't inhabited. In some cases, they even get away with unauthorized access to the area.

What can be done to prevent title theft?

One thing that you can do is to be very careful about who you provide your information to. Make sure to check the URL of the page when filling in online forms and see if it matches the official website address of the business you're transacting with. You can find this data by simply using a search engine.

You may also hire an anti-fraud company to monitor your property. They provide home title lock protection services that may help you detect if there's any suspicious legal activity involving your assets.