Title and mortgage fraud typically involve homes with low or no mortgages. Con artists impersonate the home owner and sell the property quickly
King’s investigations include the case of Toronto condo owner Moffy Yu, who discovered that her two-bedroom downtown property had been listed and sold last year for $970,000 by someone using her name.
The B.C. Land Title and Survey Authority said in a March 2021 notice that it was aware of two cases involving property managers being tricked into taking instructions from fraudsters impersonating owners who lived abroad.“Both properties were listed for sale by realtors who accepted a scanned copy of a forged passport to verify the identity of the supposed owner,” the notice said.
“They are not necessarily going for the most amount of money because they want to deal with this quickly. The quicker they get in and out, the better,” said King.The true owners contracted a property management company to rent out their home after moving to England for work. “When they sell to an unsuspecting , they get not only the mortgage amount, they get the equity amount as well,” said King.
Although he could not say how many cases it had received, Tommaso said it was growing, although it involved “small numbers.”“We are seeing identity theft where you look at the ID, unless you are trained, you would never be able to tell that it has been falsified.” Neesha Hothi, communications director of the Better Business Bureau of Mainland B.C., said title fraud shows the importance of protecting personal information “like gold.”
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