Identity thieves are becoming more sophisticated, and their tactics can cause significant financial and personal stress. Because of our connection with Florida real estate, we are forced to look at this issue through this lens. Florida property title fraud is a significant problem, with identity thieves having assumed owners' identities on properties they do not own. This could cost the property owner thousands of dollars and countless hours to fix. To protect yourself, understand the common scams and the measures that can safeguard your data.
Common Real Estate Scams
Identity thieves use various methods to commit fraud in real estate transactions. One common scam is property title fraud. In this scheme, a fraudster assumes the identity of a property owner and files a quit claim deed to transfer the property to themselves or an accomplice. Once the fraudulent deed is recorded, the thief can leverage it properly as if it were their own. Although it is not legal, they have the means to sell the property or use it as collateral on a loan. You will be left in a legal mess as the actual, legal property owner. This could involve filing a police report, working with the property appraiser’s office, and filing a “quiet title” lawsuit.
Another scam involves phishing emails. These emails appear legitimate because they may look like something from your real estate agent or title company. They trick you into providing sensitive information or clicking on malicious links, giving thieves access to your personal data. It's essential to be cautious and verify the sender before responding to any emails related to your property transaction. Keeping your personal information confidential and knowing who you are dealing with before sharing details can help prevent these scams.
How We Protect Your Data
At Spectrum Title Services, LLC, we prioritize your security during property transactions. Qualia Core, a cloud-based title production system, manages and coordinates closings seamlessly. This system ensures that your data is handled securely throughout the process. Qualia Core helps us maintain confidentiality and reduces the risk of data breaches. In addition to using advanced systems, we advise our clients on best practices for data protection.
We also employ Qualia Shield, a wire detection, funding, and disbursement product. This tool helps protect against fraud by simplifying accounting processes and ensuring secure transactions. By using Qualia Shield, we can detect and prevent wire fraud, a common threat in real estate transactions. Furthermore, you can register with your county’s title fraud alert service. This service will notify you if a title transaction involving your property is initiated without your knowledge. Being vigilant and proactive about data protection is critical to preventing identity theft during property purchases.
Work With Spectrum Title Services
Protecting your identity during a property purchase is crucial. Spectrum Title Services, LLC is committed to safeguarding your private information during a real estate transaction. If you have any concerns about identity theft or need assistance with a real estate transaction, schedule a consultation with us today. Let us help you protect your most valuable assets.
