Title Fraud in NC: Evolving Threats and What Homeowners Can Do
Title insurance. It's that often-overlooked policy that's supposed to protect you from unexpected claims on your property. But in today's digital age, title fraud is evolving, and North Carolina homeowners need to be vigilant.
Beyond Forged Deeds: The New Wave of Title Fraud
Synthetic Identities: Criminals are creating entirely fabricated identities with stolen data. These "synthetic identities" are used to apply for loans, buy property, and disappear, leaving a trail of debt and legal headaches.
Cybersecurity Breaches: Data breaches at title companies and other institutions are exposing sensitive homeowner information, making it easier for fraudsters to exploit.
"Wire Wash" Schemes: Sophisticated schemes manipulate emails and phone numbers to divert closing funds to fraudulent accounts.
The Impact on North Carolina Homeowners
Lost Equity: Victims can lose their homes due to fraudulent liens or judgments placed on their property.
Credit Damage: Title fraud can severely damage credit scores, making it difficult to obtain loans or even rent an apartment.
Emotional Toll: The stress and financial burden of dealing with title fraud can be devastating for homeowners.
What Can You Do to Protect Yourself?
Monitor Credit Reports: Regularly check your credit reports for any suspicious activity.
Place a Fraud Alert: Consider placing a fraud alert on your credit reports to make it harder for criminals to open accounts in your name.
Be Wary of Unverified Communications: Never respond to emails or calls regarding your property unless you have independently verified the source.
Choose Reputable Professionals: Work with reputable title companies, real estate agents, and attorneys who prioritize cybersecurity.
Understand Your Closing Documents: Carefully review all closing documents before signing to ensure accuracy.
The Bottom Line
Longleaf Title hopes you never experience a title claim, ensuring your peace of mind. So whether you're a seasoned investor or a first-time buyer, request Longleaf Title Insurance through your attorney or real estate agent for a secure and worry-free transaction.