BMO
Stay protected
from title fraud.
What is title fraud?
Title fraud is a form of real estate fraud. It comes in various forms and can result in property owners or landlords unknowingly having their property mortgaged or sold entirely. In all cases, fraudsters use impersonation tactics and identity theft to conduct and monetize the crime.
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Example: John Smith was on an extended vacation and had his home sold without his knowledge by fraudsters. They stole his identity, used fake identification, forged documents, and employed a real estate agent who secured a buyer. The new homeowners took possession, unaware of the scam that they are also now a victim of. Once you are stripped of your legal ownership, it can be a challenging, costly, and lengthy process to have it reinstated.
Here's how you can stay protected
Below are some tips to help you protect yourself and keep your home safe:
•  Stay informed of the current fraud threat landscape and trends with BMO’s security alerts and learning centre.
•  Have a trusted source to house-sit and check on your property if you will be away for a significant period.
•  Get title insurance and make sure that it reflects the current value of your home. Title insurance is a property protection policy and it safeguards homeowners from title or ownership losses in a fraudulent event.
•  If you decide to rent out your property, do your due diligence when screening tenants.
•  Get a secured line of credit. Debt or a line of credit on an existing property deters fraudsters from committing title fraud, as it makes the transaction more complex and less profitable for them.
•  Protect your personal information and do not respond to unusual requests for your personal or banking information.
We have you covered with tools and resources to help keep you informed and safe.
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Security alerts added monthly with updates on the latest threats in the environment.
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An A-to-Z listing of the most common scams and tips to stay protected.
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A learning centre to help you stay up to date on the latest trends in security, both online and off.
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