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payday loans online Share Share this Story: Mortgage fraud hits ‘eye opening’ level in Canada, report says Copy Link Email Facebook Twitter Reddit Pinterest LinkedIn TumblrNews Local News COVID 19 Politics National COVID 19 Crime World Education Staff Blogs Weather Podcasts BC Public Sector Salaries Database Archives Hot Topics Business Local Business Open during COVID Featured Businesses Energy Mortgages Real Estate Commercial Real Estate Economy Next Technology Gaming Internet Personal Tech Retail FP Markets Small Business BC Top Employers Opinion Columnists Letters Op Ed Sports Hockey Vancouver Canucks NHL Football BC Lions CFL NFL Soccer Vancouver Whitecaps MLS International Baseball Basketball NBA NCAA Golf Golf Videos MMA Curling Tennis Auto Racing Arts Local Arts Celebrity Movies Movie Listings Television TV Listings Music Theatre Festivals Books Life Shopping Essentials Food Local Food Reviews Recipes Wine Country Salut! Health Local Health Diet Fitness Family Child Men Women Seniors Sexual Health Fashion Beauty Parenting Relationships Royals Puzzles New York Times Crossword Comics Advice Horoscopes Contests National Contests Homes Buying Selling Westcoast Homes and Design Current Issue Condos Decorating Gardening Renovating Out of Town Properties Travel Local Travel International Travel Obituaries Place an Obituary Place an In Memoriam Classifieds Place an Ad Celebrations Real Estate Marketplace Local Directory This Week’s Flyers Jobs Auction Driving All Driving News Reviews Car Comparison Buyer’s Guide Healthing The GrowthOp Videos ePaper Our Offers My Account FAQShare this Story: Mortgage fraud hits ‘eye opening’ level in Canada, report says Copy Link Email Facebook Twitter Reddit Pinterest LinkedIn TumblrMortgage fraud hits ‘eye opening’ level in Canada, report says Consumer credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an “eye opening” number industry experts estimate represents only a fraction of the cheating taking place in the country’s real estate market.Atlanta based Equifax says many financial institutions are tightening lending and as a result, deceit in the property market is rising. According to a report the company released Tuesday, two thirds of all the fraud it sniffed out last year was real estate related.”Mortgages are the biggest bang for the buck,” said John Russo, vice president and legal counsel for Equifax Canada Inc.Article content But it rose sharply in 2011 from 2010 in dollar terms, increasing 150 per cent, according to Equifax data.The figure is “eye opening,” Russo says, because that’s just the amount Equifax flushed out on its own for its clients.Numerous criminal groups across Canada are involved in a wide range of mortgage frauds at varying levels, the CISC says, sometimes with the help of industry insiders such as property agents, mortgage brokers and lawyers.One growing trend is people setting up fictitious identities payday loans online, building up credit for those fake people and then using the credit to borrow.Equifax says that five years ago, it had identified 300 such fictitious identities in its national database. Now there are over 2,500.Using mortgage fraud to further other criminal activity is also common payday loans online..


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