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Legal professionals—how fraud savvy are you?
By FCT
Since it’s back to school time, we decided to do a pop quiz to find out how comfortable you are spotting and protecting yourself and your clients from fraud. Good luck!
1. What are the signs of a straw buyer?
1. What are the signs of a straw buyer?
2. What would you consider a red flag in a purchase transaction?
3. If your client is refinancing a property that is free and clear, should you investigate further?
4. Should you be suspicious if your client asks you to pay off a loan or debt that’s not associated with their transaction with the mortgage proceeds?
5. If power of attorney is being used in a transaction and the registered owner is a corporation, who is able to give power of attorney?
6. What type of fraud does title insurance protect clients from?
Don't worry, this was a tough one!
If you're ever stuck on a deal or have any questions, our certified fraud examiner and underwriters have a wealth of experience detecting and preventing fraud. We can help!
Way to go, you're super fraud savvy!
If you suspect fraud during a deal, feel free to contact our certified fraud examiner or underwriting department for help. We've been detecting and preventing fraud for over 25 years!
Hi Natasha, there are plenty of websites that can assist in identifying fraudulent IDs. For example, in Ontario, The Ministry of Transportation has a validation tool to see if a driver’s licence is valid: https://www.dlc.rus.mto.gov.on.ca/dlc/OrderForm.aspx. There are also sites that can check the validity of a Social Insurance Number, although they will not say who the SIN number is attached to.
Our underwriting team has expertise in detecting and preventing fraud, so when you’re ordering title insurance, you can always relay your concerns to them. Also, getting title insurance is a great way to protect your clients against fraudulently registered transfers, mortgages and discharges.
As legal professionals, is there any information available that will assist in identifying fraudulent identification?
Hi Natasha, there are plenty of websites that can assist in identifying fraudulent IDs. For example, in Ontario, The Ministry of Transportation has a validation tool to see if a driver’s licence is valid: https://www.dlc.rus.mto.gov.on.ca/dlc/OrderForm.aspx. There are also sites that can check the validity of a Social Insurance Number, although they will not say who the SIN number is attached to.
Our underwriting team has expertise in detecting and preventing fraud, so when you’re ordering title insurance, you can always relay your concerns to them. Also, getting title insurance is a great way to protect your clients against fraudulently registered transfers, mortgages and discharges.