Question:

What is mortgage fraud identity theft?

Answer:

There are many mortgage fraud types and identity theft is one of them. Identity theft is a very complicated type of fraud in which the fraudster acquires the personal information of a wealthy individual who owns significant amount of cash, assets and real estate. Due to the advent of the internet, locating such individuals and collecting their data is not very difficult.

How identity theft works?

A targeted individual would be one whose credit and finances allow for smooth obtaining of a mortgage loan. Once the fraudster obtains a loan in the name of the identity theft victim, they disappear.

To offset the loss in case you become an identity theft victim, get a title insurance. However, you should try to minimize the chance of becoming an identity theft victim.

How to Avoid Mortgage Fraud Identity Theft Tips

  • Make sure your cheques don't show all your personal information. If your first name is not printed, the fraudster won't know how to sign them.
  • Don't list your home number anywhere. Use work or cell phones instead.
  • Carry as few identity documents with you as possible.
  • Make sure when entering credit card information on the Internet that the website is secured.
  • Use anti-spyware and highest security measures to guard your computer against attempts to collect your passwords and credit card numbers.
  • Check your credit reports in order to spot unauthorized transactions on time.
  • Shred any documents, bills and receipts containing any personal data before putting them in the dumpster. Fraudsters would go through your garbage to collect your data.
  • Don't provide your SSN if you can avoid that.
  • If you happen to lose your credit cards, immediately call the provider to cancel them.
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