Toronto police hunt suspect of $300,000 mortgage fraud scheme

Toronto police hunt suspect of $300,000 mortgage fraud scheme

Toronto police hunt suspect of $300,000 mortgage fraud scheme by Paolo Taruc

Toronto Police are seeking assistance in identifying a woman said to be involved in a $300,000 mortgage fraud scheme.

In a statement released Wednesday, authorities said the woman contacted a mortgage broker's office and applied for a second mortgage on a home for $300,000.

The mortgage broker was able to find financing through a mortgage lender and a second mortgage was registered on the home. Subsequently, the woman received approximately $300,000 through her real estate lawyer
Shortly after the mortgage was registered, the real homeowner received the mortgage documents in the mail and immediately contacted their lawyer, investigators said. They added that the woman used fake identification to impersonate the real homeowner.

According to figures from Equifax Canada released earlier this year, more and more Canadians are improving their understanding of financial fraud and how to defend themselves against such occurrences. Its survey found that in 2016, some 91% of Canadians have taken a concrete step in protecting their personal data, including double-checking card/bank statements, shredding vital documents, updating passwords, installing security software, and using social media less.

Meanwhile, 81% of the respondents have implemented two or more of the aforementioned security measures, the Kingston Herald reported.


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