Mortgage Identity Theft and How to Prevent It

Identity Theft

The mortgage industry has become a hot area for fraud. This, unfortunately, makes sense since such large amounts of money are involved. The central medium that fraudsters use for the achievement of their crimes is Identity Theft. Moreover, some Mortgage Brokers and Agents employ sloppy client privacy policies that help contribute to this problem. Put simply, a fraudster can steel your identity, take out a mortgage in your name, and ultimately ‘abscond’ with much of that money. This happens to the tune of over $1 Billion per year in Canada. What makes things even worse is that these fraudsters are very difficult to catch, and in many cases, it is very easy to accomplish. It’s one of those things that doesn’t happen to everyone, but it does happen to some. After reading this article and applying the advice, you can be more assured that it will not happen to you  

What, more specifically, is Identity Theft?

According to the Canadian RCMP website, identity theft is, “… the stealing, misrepresenting or hijacking the identity of another person or business and provides an effective means to commit other crimes”. For it to be accomplished, “vital information such as name, address, date of birth, social insurance number, and mother’s maiden name need to be acquired... The identity thief can take over the victim’s financial accounts, open new bank accounts, transfer bank balances, apply for loans, credit cards and other services, purchase vehicles, take luxury vacations, and so on”.

 

How do I prevent it?

In order to prevent Identity Theft and the resulting nightmare it would cause for you, follow this advice:

- Do not carry your SIN card in your wallet. This card is equilivant of your financial DNA, and if it gets into the wrong hands, unimaginable damage can be done to you. Memorize the number or keep the card at home.

- Shred your sensitive documents before putting them in the trash. Fraudsters are likely to check your garbage for letters that carry personal information when preparing to steal your identity.

- Sign all credit cards when you receive them and cancel ones that you don’t use.

- Never leave receipts around, destroy personal info that you don’t need.

- NEVER give your SIN or banking info over the phone.

- Ensure that the Mortgage Broker, or any one else that handles your personal information, has a good privacy policy and privacy control measures. Don’t be afraid to ask questions about how your information is treated.

 

This last part about ensuring that your partners in finance use the same, or better, diligence that you use is very important. Not all Mortgage Professionals use high levels of diligence and this is contributing to the over $1 Billion in fraud found yearly in Canada. Feel free to post any questions or comments below, or give me a call for more information on how to protect yourself against identity theft.

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