3 Ways to Protect Yourself from Title Fraud
Published on 29 August 2022, 07:22:56 AM
At Axess Law, we’re acutely aware that the threat of real estate title fraud is on the rise, posing a significant risk to homeowners. This illicit activity involves identity theft to illegally register a mortgage or transfer property ownership without the actual owner’s consent. Given its growing prevalence, it’s crucial to be proactive in safeguarding yourself. Here are some measures you can take:
Guard Your Personal Data: The first line of defense against title fraud is securing your personal information. Details like your name, home address, date of birth, and financial information can be exploited to commit fraud. Dispose of any documents containing such sensitive data by shredding or incinerating them.
Fortify Your Online Security: Your online accounts are another vulnerable point that fraudsters may target. If compromised, these accounts could be a goldmine of information for committing title fraud. To boost your online security, employ robust and unique passwords for each account, update them regularly, and make use of two-factor authentication whenever feasible. Remember, never divulge your passwords or PINs.
Opt for a Homeowner’s Title Insurance Policy: Title insurance is a safety net that protects you should a fraudulent mortgage or ownership transfer occur. Without such a policy, you could face significant expenses, including legal fees, just to reclaim your property. We at Axess Law can guide you through the process of obtaining title insurance. The one-time cost is relatively minimal compared to the financial and emotional toll of experiencing title fraud.
In summary, real estate title fraud can be financially and emotionally draining for both buyers and sellers. However, by taking these preventative measures, you can significantly reduce the risk of becoming a victim. Keep your personal information under lock and key, bolster the security of your online accounts, and consider investing in a title insurance policy. By adhering to these guidelines, you’re taking significant steps to ensure your property title remains secure from fraudulent activities.
