Homeowners have likely heard about title fraud. This is where someone can gain access to your personal information and control of your home’s title. While this is a growing type of crime, many homeowners don’t understand how widespread it is and don’t think it can happen to them. Here are three reasons why property fraud should be a concern to you.
It Can Go Undetected for a Period of Time
Title fraud is the fastest-growing type of white-collar crime in the United States. In many situations, the victim doesn’t even realize that they are a victim until long after the crime has been committed. By that time, their title could be transferred into someone else’s name and they might be borrowing money against your property. There are various other problems that can be caused by this type of crime that can be difficult and time-consuming to overcome. Along with its popularity among thieves, this makes this type of fraud one of the most concerning types of crime for homeowners.
It Can Happen to Anyone
All a criminal needs to steal your home’s title is your personal information. There are various ways that identity thieves can steal your information. This includes receiving it over the phone, over the internet, or through the mail. Some criminals will contact you pretending to be someone else while others will steal the information from legitimate sources, such as stealing your mail. A common mistake is to think that you can’t fall victim to this type of crime. This results in people not taking the proper steps to protect themselves. It’s important to understand that anyone is vulnerable to this scam and can become a victim.
It Can Cost You a Significant Amount of Money
While this type of crime can be difficult and time-consuming to overcome, it can also cost you a lot of money. Oftentimes, the criminal will use your information to borrow against your home. By the time that you recognize your information is being used in this way, they could have already taken thousands of dollars. While there are alerts available to protect you, these likely won’t get to you before some damage has been done. This makes prevention even more important.
When many people think about fraud, they don’t think that it could ever happen to them. This is a continuously-growing type of crime that can affect anyone of any age. These are just some of the reasons why you should be vigilant of property fraud.