Avoiding Fraud During the Pandemic

In times of uncertainty, we know from experience that fraudsters ramp up their activities. In these uncertain times of COVID-19, we need to increase our vigilance.

Some firms use the driver’s license validation service offered by the Ministry of Transportation. We need to be careful not to take too much confidence in the outcome. The MTO search lets you know that you have a valid driver’s license number. It does not tell you who that person is.

When falsifying a driver’s license, fraudsters may redress just the front of the driver’s license and leave the back of the license unchanged. Compare information on both sides of the driver’s license. Make sure the information on the back of the license matches the front. In Ontario, for example, a unique identifier number is printed on the front, and that same number is on the back of the driver’s license.

With many law firms overseeing the signing of documents through virtual means, these transactions are deemed to be high risk. Governing bodies tell us to take extra steps but may fall short of telling us what those steps would be. One option available to you is Chicago Title’s ID verification service.

ID Verification Service will check the identity of the client (purchaser, borrower) against a variety of data sources to help validate the identity of the person. The knowledge-based authentication process uses information that should only be known by the client.

Let’s work together to reduce identity fraud and add an additional level of security to your real estate transactions.

Contact your Regional Manager for more information.