COVID19 Brings New Wave of Cybercrime
The COVID-19 pandemic created unprecedented access for cybercriminals to prey upon Americans who are shopping, working and doing virtually everything online – from home. Even real estate transactions are being handled more online.
According to cybercrime experts, we are all at greater risk of identity theft. But, common identity thefts (credit, ATM cards, and driver’s license misuse) are nothing compared to losing your home.
The crime is Home Title Fraud. Cyber-criminals, foreign and domestic target our homes. Why? Because they stand to gain tens, even hundreds of thousands by taking over the title to your home. But it doesn’t just stop there. Cyber-criminals can literally have you evicted from your home. That’s why the FBI warns homeowners that Title Fraud is one of America's fastest growing white-collar crimes.
With the continued pandemic of COVID-19, many county recording offices are temporarily closed or short staffed. This means documents are piling up and most likely will be rushed through the recording and filing process. This could make it even easier for these criminals to pass off forged documents. During a real estate deal, if a deed can not be recorded at the close of a transaction there would be a time-gap in the public record that scammers can exploit to resell that same house. Expect a huge spike in deed fraud and title theft in 2020 and even into 2021.
HERE'S HOW HOME TITLE FRAUD HAPPENS:
WARNING! You will spend tens of thousands of dollars in court trying to regain ownership of your home. NOTE: Title Fraud is NOT covered by your homeowner's insurance, bank or common identity theft programs.
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