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Fraud is fast becoming the crime of the 21st century, with identity theft at the forefront of a whole range of major crimes – from people smuggling and drug trafficking to money laundering and mortgage and real estate title fraud.
- According to the RCMP, one in six Canadians will be victims of some sort of identity theft in 2008. This will result in losses estimated to be close to $3 billion. In the U.S., the FBI estimates losses there will reach as high as $30 billion.
- According to a recent Ipsos Reid survey, 9 per cent of Canadians – or 3 million people - have fallen victim to identity theft at one point in their lives.
- First Canadian Title estimates the average case of real estate title fraud to be in the range of $300,000. In comparison, the RCMP pegs the average credit card fraud case in Canada to be around $1,200.
- In North America, nearly 30 per cent of fraud victims are seniors.
- In 2007, more than 42,000 transactions were subjected to closer review by our fraud underwriting process. This vigilance prevented more than $23 million in potential claims related to fraud.
- First Canadian Title, Canada’s leading provider of title insurance, believes that prevention remains the best protection against fraud, including real estate title fraud and identity theft. Over the past four years, First Canadian Title has embarked on a number of high-profile consumer campaigns and partnerships to raise awareness of the issue of real estate title fraud and identity theft.
- Real estate title fraud can happen to anyone. It’s up to you to get informed and protect yourself.
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