5 tips to prevent home title theft
When talking about home theft, one usually pictures a burglar breaking in and stealing their possessions. However, people could also lose their homes in other ways, such as title theft. It happens when someone illegally steals a homeowner’s identity and transfers the house title to their name. This type of fraud often goes unnoticed and hence needs close attention. Below are a few helpful tips to protect against title theft.
Keep track of the mail
People involved in title theft sometimes change the address of a home. Consequently, the homeowner stops receiving essential documents like utility bills and bank statements. If regularly delivered documents suddenly stop coming, it could be a sign of title theft. In such a situation, one must first speak to the mail department to check if the mail is lost. If that isn’t the case, the individual can schedule an appointment with the appropriate agency to investigate further.
Monitor credit reports
Everyone is entitled to receive a free credit report from their respective credit reporting agency once a year. Individuals must review this report carefully to ensure no unauthorized charges are deducted from their accounts. One should also rule out suspicious activities and ensure no new accounts are opened under their name.
Be careful with personal information
Bills or bank statements with personal information should immediately be shredded once they fulfill their purpose. Individuals should avoid carrying their Social Security number or birth certificate everywhere and sharing personal information over the phone or text messages. These practices will prevent fraudsters from stealing and using a homeowner’s identity for illegal activities like title theft.
Keep an eye on the property
Many people own houses but do not live in them. Such homeowners must visit the property regularly to ensure strangers do not go in and out of the space and rule out suspicious activity. Installing a security system may help prevent break-ins and discourage people from trespassing illegally.
Get title insurance
Getting owner’s title insurance is always advisable when buying a property. If someone has not purchased this policy when closing the deal, they can get it later. The insurance protects the homeowner’s rights if any claims or liens are filed against the property.
How does title theft happen?
There are multiple ways in which this could happen. A few examples include:
Data breach
Data breach is when a criminal accesses people’s personal information in a company or an organization. They can sell this data or commit fraud themselves.
Unsecured Wi-Fi network
Fraudsters can easily hack into an unsecured Wi-Fi network and access personal data stored on connected devices. That is why keeping the Wi-Fi password protected is highly crucial.
Malware
Malware can be installed on a homeowner’s computer, making it easy for hackers to access personal information. Therefore, one must update their devices regularly and install good antivirus software.
The internet has made home title theft easier, so one should be vigilant online. Hackers can use the personal data retrieved through these methods to steal a homeowner’s identity and transfer the property to another name. Following the tips mentioned above and adhering to the best practices when using gadgets can help lower the risk of title theft and other types of real estate fraud.
