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Fraud
How can I tell if I'm a victim of identity theft?
Identity theft
Keep your information secure
Tips to protect yourself from mortgage fraud while
home shopping
Tips to protect yourself from mortgage fraud at
closing
Take control
Stay alert
Fraud
- Intentional deception resulting in injury, harm
and/or loss to another person
- Imposter: a person who makes deceitful pretenses
- Deception made for personal gain
- Fraudulent conversion and obtaining money or property
by false pretenses
- Someone opening credit in your name without your
explicit consent or approval
How can I tell if I'm a victim
of identity theft?
Order a consumer inquiry of your credit report from
Equifax Canada or Trans Union (contact information below)
- Review the reports carefully
- Look for inquiries from companies that you haven’t
requested products or credit
- Look for inconsistencies in your personal information
- Address
- Employment
- Debts
- Judgments or collection accounts
- Stay alert for other signs of identity theft or
mortgage fraud, like:
- Failing to receive bills or other mail. Follow up with
creditors if your bills don't arrive on time. A missing bill
could mean an identity thief has taken over your account and
changed your billing address to cover their tracks.
- Receiving credit cards that you didn't apply for.
- Failure to receive credit cards you did apply for
- Being denied credit, or being offered less favorable credit
terms, like a high interest rate, for no apparent reason.
- Getting calls or letters from debt collectors or businesses
about merchandise or services you didn't buy.
- Being approached with an offer to make quick money in real
estate
- Being offered money to use your name and credit information
to apply for a mortgage or other credit
Identity theft
Identity thieves can wreak havoc on your personal
finances. However, there are things you can do to take control of
the situation.
- If an identity thief steals your mail to try to
get new credit cards, bank and credit card statements, pre-approved
credit offers and tax information or falsified change-of-address
forms, the person has committed a crime. Report it to your Phonebusters,
local postal inspector and the credit reporting bureaus (contact
information below).
- If an identity thief has changed the billing address
on an existing credit card account, close the account. When you
open a new account, ask that a password be used before any inquiries
or changes can be made on the account. Avoid using easily available
information like your mother's maiden name, your birth date, the
last four digits of your SIN or your phone number, or a series
of consecutive numbers. Avoid using the same information and numbers
when you create a Personal Identification Number (PIN).
- If you believe an identity thief may have accessed
your bank accounts, chequing account or ATM card, close the accounts
immediately. When you open new accounts, insist on password-only
access. If your cheques have been stolen or misused, stop payment.
If your ATM card has been lost, stolen or otherwise compromised,
cancel the card and get another with a new PIN.
- If an identity thief has established new phone
or wireless service in your name and is making unauthorized calls
that appear to come from - and are billed to - your cell phone,
contact your service provider immediately to cancel the account
and calling card. Get new accounts and new PINs. Do the same thing
if someone is using your calling card and PIN.
- If you suspect that someone is obtaining a fraudulent
mortgage on your property, obtain the title information from your
provincial or local government. You can also request to have a
fraud alert placed on the title in some offices.
Keep your information secure
- Don’t give out any personal information
unless you know who you are dealing with, how it will be used
and if it will be shared with anyone.
- Do not give out personal information on the phone
or internet unless you know who you are dealing with
- Carry minimal information or identification in
your wallet
- Inspect your credit reports on a regular basis.
These can be provided free of charge by the credit reporting agencies
- Inspect your financial or bank statements or for
inconsistencies or unknown charges
- Be alert to your billing cycles and when bills
or mail does not arrive
- Protect the integrity of your mail. Make deliveries
to and from the mail slots in person. Access your mail at regular
intervals…daily
- Shred financial or identification documents before
discarding them
Tips to protect yourself from
mortgage fraud while home shopping
- Rely on the experience of a trusted real estate
expert who is accredited and licensed to work in your area. Choose
someone who can provide trusted referrals and check on them!
- In addition to above, consult local public websites
on real estate listings in the area where the property is located
- Compare prices, sizes, locations etc
- Ask for a copy of the land title or go to the
local registry office and request one. Ask for an historical search.
- Look for frequent transfers
- Look for transfers of increasingly higher values.
- Review the possibility of having the property
appraised and inspected
- Beware of a real estate agent or broker having
financial or ownership interest in the property.
- If there are claims of professional renovations
or upgrades, ask to see the receipts.
- When a deposit is required, ensure that the funds
are held in trust and to the vendor’s lawyer, not directly
to the vendor.
- Be aware of
- Someone who encourages you to include false information
on your mortgage application
- Sign blank applications or where there are blank fields
- If the mortgage amount is significantly higher than the
property value or price on the offer to purchase
- If assuming a mortgage, that the mortgage has not significantly
increased in values (been refinanced) over a relatively short
period of time
Tips to protect yourself from
mortgage fraud at closing
- Review and make sure the name on the application
is the same as your primary source of identification.
- Know and understand the terms of the mortgage
you are signing. Compare it to the loan information you received
at origination. Compare the address, interest rate, all the terms
and conditions you agreed to
- Check the final application for accuracy and personal
information
- Never sign any documents that are blank or contain
blanks
- Know and understand what you are signing. If you
have questions, ASK. If you are still suspicious,
DO NOT SIGN the documents.
- Bring in a witness, someone you know and trust
- Use a lawyer who you know or trust. Be suspicious
if you are asked to use a different lawyer for closing or not
allowed to use yours.
- Check the “statement of affairs” and
the “cost of borrowing disclosure” and understand
any additional fees or where the funds are going. Ask questions
if you are not sure of any charges or fees.
- If you are obtaining title insurance, or any other
type of insurance being prepared by the law firm, obtain a policy
or reference number and follow up with the insurer.
Take control
If you think your identity may have been stolen or
believe you are a victim of mortgage fraud, follow these basic steps:
- Contact www.phonebusters.com at 1-888-495-8501
and/or visit their web site to download a copy of the identity
victim statement. It’s a helpful tool to help you communicate
with the credit bureau reporting agencies, creditors and police
alike.
- Contact the fraud departments of each of the major
credit bureaus. Tell them to flag your file with a fraud alert.
Also ask them to include a statement that creditors must get your
permission before opening any new accounts in your name.
- Ask the credit bureaus for copies of your credit reports.
Credit bureaus must give you a free copy of your report if
it is inaccurate due to fraud. Review your reports carefully
to make sure no additional fraudulent accounts have been opened
in your name or changes made to your existing accounts without
your knowledge. In a few months, order new copies of your
reports to check that your corrections and changes have been
made, and to make sure there is no new fraudulent activity.
- The two main credit bureaus you need to contact are Equifax
and Trans Union. Here is their contact information, including
a link to their websites:
- Equifax 514-493-2314 or 1-800-465-7166 www.equifax.com/EFX_Canada/
- Trans Union 905-525-4420 or 1-877-525-3823 www.transunion.ca
- If any accounts have been tampered with or opened
fraudulently, you must also contact the creditors. Ask to speak
with someone in the security or fraud department. Follow up with
them in writing.
- If you believe someone may be using your SIN,
please visit the Government of Canada Web site at: http://www.rhdcc.gc.ca/asp/gateway.asp?hr=/en/cs/sin/0300/0300_in125.shtml&hs=rxr
- Finally, file a report with your local police
and/or the police in the community where the identity theft took
place. Keep a copy in case your creditors need proof of the crime.
Stay alert
- In most cases, you should be able to resolve your
identity theft problems by taking the steps outlined here. But
be aware that identity theft or related credit problems may happen
again. Stay alert to new signs of identity theft and if you notice
anything suspicious get in touch with the company or creditor
that's involved immediately. Follow up in writing.
- Order a copy of your credit report from the credit
bureaus every year to check on their accuracy and to make sure
they only include debts and loans you've incurred. This could
be very important if you're considering a major purchase, such
as a house. A credit reporting agency may charge you for a copy
of your report.
Information provided by Genworth
Financial Canada |
