In a recent interview with Toronto Sun, Daniela DeTommaso, President of FCT, spoke about the mounting threat posed by increasingly sophisticated fraudsters.
She outlined how new tools like generative AI have changed the game for fraudsters, letting them effectively impersonate homeowners via phone or video call, and even in person, thanks to new advances in printing forged IDs.
Fraudsters are “able to buy a printer for $5,000 that literally replicates to the human eye a piece of ID,” Daniela told Toronto Sun. To better protect consumers and professionals across the real estate industry, FCT has responded to the threat of forged IDs that can pass in-person inspection by developing innovative ID verification solutions, including Client ID Verification, FCT’s solution for legal professionals.
Another troubling trend Daniela highlighted was the link between economic uncertainty and higher levels of fraud.
“As people start to struggle financially, people become desperate, and as technology becomes more readily available, we are definitely seeing a rise [in fraud attempts],” said Daniela. “We’re increasing our mitigation strategies to counter that. We’re constantly investing in new tools.”
Fraudsters are constantly evolving, but FCT is pushing back, and working to safeguard real estate transactions now, and for the future.
About FCT
Based in Oakville, Ontario, FCT has over 1,200 employees across the country. FCT provides industry-leading title insurance, default solutions and other real estate-related products and services to approximately 450 lenders, 43,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide.
Great Place to Work® has named FCT one of Canada’s Best Workplaces® for 10 consecutive years (2014-2023) and certified FCT as a Great Place to Work®. In 2024, FCT’s parent company, First American Financial Corporation, was named both one of the 100 Best Companies to Work For and one of the Best Workplaces for Women™ by Great Place to Work® and Fortune Magazine for the ninth consecutive year.
For more information on FCT, please visit the company website at www.fct.ca.