Title theft is a surprisingly common and very serious form of fraud; one to which any property owner is potentially at risk of falling victim.
In order to protect yourself, it’s important to understand what it involves, what’s at stake, and how you can take action against it, so stick around as we take a deep dive into this thorny subject.
What is Title Theft & How Can You Spot it?
Title theft refers to the fraudulent use of someone else’s property title without their knowledge or consent. This could be as simple as changing details on a deed, taking out a mortgage in another person’s name, or using false documents to prove ownership of a certain asset.
It can also take more sophisticated forms, such as forgery and identity theft, which allow criminals access to financial records, real estate titles, and other valuable information associated with your assets.
Criminals may attempt to steal your title through deception, by posing as an authority figure, or claiming they need access for legitimate reasons, like tax purposes. For instance, they might ask you directly for sensitive data related to your assets, while pretending they are from an official government agency that needs the information in order to identify potential fraudsters among its citizens, which is of course totally untrue.
In other cases, they will try stealing personal documents like bank statements and passports in order to gain control over accounts linked with those credentials, all without the owner’s awareness.
It is important to be aware of these scams and take steps to protect yourself from title theft. For a start, stay vigilant by regularly checking your financial records for any suspicious activity, including changes in ownership titles or loans taken out on your behalf that you didn’t authorize.
Also, be wary of anyone who requests personal information about assets such as property deeds, mortgages, or bank statements, especially if they are not an official representative of a government organization.
Lastly, always keep copies of important documents securely stored away from prying eyes. Whether you are taking out a mortgage, choosing to apply for a SoFi credit card, or even creating a will, be vigilant to the likelihood that sensitive info is valuable, and so should be handled and stored securely at all costs.
Are Your Property Records Secure? 3 Tips for Safeguarding Your Assets
As mentioned, It is essential to make sure your property records are secure, as they can be used by criminals to gain access to assets and commit fraud.
Taking a few simple precautions when it comes to protecting your property title and financial documents can help you avoid becoming a victim of title theft.
Here are three tips:
- Ensure that all of the documents associated with your assets, such as deeds, mortgages, or bank statements, have been securely stored away from prying eyes in an area other than where you live or work. You should also consider setting up additional security measures, like password-protected storage devices, which will make it more difficult for anyone else but yourself (or trusted individuals) to access these documents without proper authorization.
- Regularly check the public record on any asset ownership changes made under your name. This could indicate someone has attempted unauthorized activity on one of them. Be extra cautious if there are any discrepancies as this could be an indication of fraud.
- Remember to shred all documents and paperwork containing personal information once you no longer need them. This includes expired bank statements or canceled checks. This will help reduce the risk of criminals getting access to your assets and identity by collecting these materials from trash cans or recycling bins.
You’ve got the power to limit the risks of title fraud occurring, and also to spot it swiftly if it does take place. All it requires is an awareness of the signs and symptoms, and the willingness to act.
ATTENTION READERSWe See The World From All Sides and Want YOU To Be Fully Informed
In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion.
About VT - Policies & Disclosures - Comment Policy