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In Canada, Complex Fraud Schemes Are Targeting Homeowners

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canada

CANADA: Early this year, Toronto police announced they needed the public’s assistance in apprehending two people involved in a complex fraud scheme.

According to police, the individuals used forged identities to pose as city homeowners. They then sold the house and handed the keys to the unwitting new owners.

Meanwhile, the true house owners had been out of the country on business since January 2022.

After noticing their mortgage payments had vanished from their bank accounts, the out-of-town couple discovered their home had been sold without their knowledge.

The incident piqued the interest of many Canadians, particularly in the Greater Toronto Area and Vancouver, where real estate is considered a national obsession due to its high cost – the average home costs more than C$1m ($749,000; £620,000) – and scarcity of housing.

Similar stories from other Toronto property owners have since emerged, and investigators say these previously uncommon cases of property title fraud appear to be on the rise.

Housing Prices Have Increased In Canada

These types of cases are “definitely unique to this point in time,” according to Trevor Koot, CEO of the British Columbia Real Estate Association and a nearly 20-year industry veteran.

“I’ve never seen anything like it,” he said, referring to the level of sophistication used to carry out these crimes.

What exactly is title fraud? How much has it increased in Canada?
Mortgage and title fraud are two common schemes involving home or property ownership.

According to Brian King of King Advisory International Group, a Toronto-based firm investigating white-collar crime, mortgage fraud is more common.

It is committed when a fraudster uses forged identification documents to obtain a second mortgage on a home they do not own, usually after the first mortgage has been paid off in full or nearly so.

Title fraud, on the other hand, involves tenants posing as the owner of a vacant home in Canada and selling it to serious buyers. This results in the property’s total title transfer.

If the home has title insurance, the real owner and buyer can usually get most of their money back. The insurance covers legal fees incurred during the process and aids in re-establishing ownership.

Mr. King stated that he had seen increased mortgage and title fraud frequency since 2020.

He said his firm had seen a “rash” of title fraud in recent years. In almost all cases, the homeowners lived elsewhere when fraudsters took over their property, in places such as the United States and China and Canada.

Title Fraud Is Rampant In Vancouver And Toronto

One of his clients, Mr. King said, was a couple who moved for work to the UK from Toronto canada in 2018. Their Canadian home was then sold from beneath them in 2022.

It was sold for C$1.7 million and had been completely renovated when they discovered it had been stolen last June. As of February, the couple was still canada working on getting their home’s title restored.

Between the 1960s and 2019, Chicago Title Insurance Company’s Canada branch saw only two cases of fraud – mortgage and title – according to John Rider, vice president.

They are currently dealing with dozens of cases, including at least five cases of title fraud, all in the Greater Toronto Area, which includes the city and surrounding municipalities.

Similar cases of title fraud have emerged in the province of British Columbia, which is home to Vancouver, where the average home costs C$1.1 million, albeit less frequently.

The BC Land Title and Survey Authority (LTSA) reported two attempts at title fraud since 2020, only one successful. The public corporation added that it is only aware of one previous case in 2019 and two in 2008 and 2009.

It maintains that these fraud cases are extremely rare, even though the LTSA processes up to one million land title applications annually.

canada

The Same Things Are Happening All Over The World

A similar case made headlines in the UK in 2021 when a man in Luton returned home to discover that the house and its contents had been sold without his knowledge.

On the other hand, property fraud cases in the UK appear to be on the rise. The UK Land Registry data provided to the BBC show an average of 41 reported mortgage and title fraud cases over the last four years. Cases peaked at 50 in 2016-2017.

Why are there more reports of title fraud?
Experts are baffled as to why there has been such an increase in reported cases, particularly in Toronto.

Mr. King believes that virtual real estate transactions during the pandemic may have made it more difficult to detect fake identification documents. He also mentioned that the pandemic in canada had forced some people to stay away from their homes for longer due to travel restrictions.

Others have noted the increasing sophistication of the perpetrators, some of whom have been linked to organized crime and appear to understand the Canadian real estate system well.

According to Mr. Rider, the fraudulent IDs used in these transactions frequently appear authentic, and perpetrators will hire skilled actors to pose as homeowners and carry out the scheme.

“IDs are so easily faked now that they can’t be relied on to close a C$3 million transaction,” Mr. Rider said.

There is also the financial aspect of these crimes. Real estate in Toronto has appreciated significantly over the last few decades, with the average home costing C$198,150 in 1996. It was C$1.18m last year.

“It makes sense that there is a lot of emphases on where real estate is really valuable,” said Ron Usher, general counsel for the Society of Notaries Public in British Columbia canada.

There is no escaping the fact that we live in a time when everything changes.

“These are not easy crimes to commit and are frequently caught and stopped.”

He and others have called for a national investigation to determine the underlying causes and whether more can be done to protect Canadian homeowners.

SOURCE – (BBC)

 

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Cases Of The US Flu Season Are Rising, While Vaccinations Are Behind Schedule.

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Flu Season
(AP Photo/Nam Y. Huh, File)

(VOR News) – The U.S. flu season has begun, according to health experts, who also noted a sharp rise in cases countrywide on Friday.

Significant increases were noted by the Centres for Disease Control and Prevention in a number of indicators, such as laboratory tests and ED visits. “For the past few weeks, it has been increasing steadily.” “Yes, we are in flu season right now,” CDC’s Alicia Budd said.

Last week, flu-like sickness was reported at elevated or very elevated levels in 13 states, roughly twice as many as the week before. Dr. William Schaffner, an infectious disease specialist at Vanderbilt University, says Tennessee is seeing a spike in sickness in the Nashville area.

Schaffner said, “Influenza cases have been increasing, but they have increased significantly in the last week.” He noted that up to 25% of patients in a nearby clinic, which is a gauge of illness trends, have flu-like symptoms.

An early focal point was Louisiana.

Our Lady of the Lake Regional Medical Centre, the largest private hospital in the state, in Baton Rouge, has infectious diseases specialist Dr. Catherine O’Neal, who said, “This week is a significant turning point as individuals are affected by the flu.” “Parents frequently say, ‘I have the flu and can’t go to work,’ and ‘Where can I get a flu test?'”

Fever, cough, sore throat, and other influenza-like symptoms are caused by a variety of viruses. COVID-19 is one of them. Another flu season common disease that causes cold-like symptoms but poses serious hazards to infants and the elderly is respiratory syncytial virus (RSV).

Recent CDC numbers indicate a decline in COVID-19 hospitalisations since the summer. According to CDC wastewater data, COVID-19 activity is modest nationwide but elevated in the Midwest.

Although RSV hospitalisations are still marginally more common than flu admissions, they started to rise before flu season cases and currently show signs of perhaps stabilising. RSV activity is low nationwide, but wastewater data shows that it is high in the South.

Based on a number of indicators, such as laboratory results from hospitalised patients and outpatient clinics, as well as the percentage of ED visits that resulted in an influenza diagnosis at discharge, the CDC declared the start of the flu season.

According to Budd, it is too early in the season to determine the effectiveness of the influenza vaccine, and no type of virus seems to be more common.

The flu season last winter was classified as “moderate” overall, but it continued for 21 weeks, and the CDC estimates that 28,000 people died from the virus. With 205 paediatric deaths reported, the situation was particularly dangerous for kids. It was the largest number ever recorded for a conventional influenza season.

The prolonged flu season was probably one of the reasons, Budd added.

The lack of influenza vaccinations was one of the contributing factors. The CDC reports that 80% of children who passed away and had verified vaccination status and were of the right age for flu shots were not completely immunised.

Children’s immunisation rates are drastically lower this year. About 41% of people had a flu shot as of December 7, which is similar to the percentage at the same time last year. For youngsters, the figure is steady, although it is lower than in the previous year, when 44% received an influenza vaccination, according to CDC data.

About 21% of adults and 11% of children are fully vaccinated against COVID-19, which is still a poor vaccination rate.

Influenza experts advise everyone to get vaccinated, especially as people get ready for holiday gatherings where respiratory diseases could spread widely.

“This virus also has the potential to spread from person to person at all those happy, pleasant, and heartwarming events,” Schaffner said. “flu season Vaccination remains a viable option.”

However, Louisiana’s health department announced on Friday that it was rescinding its COVID-19 and flu vaccination recommendations. According to an official, the department’s current position is that people should speak with their doctors about whether the immunisations are suitable for their situation.

The department’s spokesperson, Emma Herrock, did not respond to follow-up questions regarding the policy. Dr. Ralph Abraham, the state’s surgeon general, has expressed concerns in the past regarding the COVID-19 vaccine’s effectiveness and safety.

SOURCE: AP

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Social Security Change Approved By Senate Despite Fiscal Concerns

King Charles Could Millions Annually from Renting His Properties

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Social Security Change Approved By Senate Despite Fiscal Concerns

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Social Security

(VOR News) – On Saturday, the U.S. Congress passed a plan to increase Social Security retirement payouts for some retirees who receive public pensions, a move that critics say will further erode the program’s financial stability. Among these pensioners are former firefighters and police officers.

The Social Security Fairness Act was passed by the Senate on a bipartisan vote of 76-20 just after midnight. The act may lower payments for those receiving pensions and aims to repeal provisions that have existed for 20 years.

The House of Representatives passed the bill last month by a vote of 327-75, meaning that if the Senate also approves it, it would be delivered to Democratic President Joe Biden to become law.

The White House dodged enquiries regarding Social Security’s objectives.

In order to limit government benefits for certain higher-paid employees who are also getting pensions, the measure will reverse a long-standing change to the program. It has become increasingly common in recent years for municipal employees, such as postal workers and firefighters, to face pay limitations.

The vast majority of Americans do not take part in pension plans that provide a fixed return on investment, instead relying on their own savings and Social Security. According to data from the Department of Labour, only 10% of private sector employees in the US are covered by pension plans.

The new rules apply to about 3 percent of Social Security users, or more than 2.5 million people in the United States. Legislators are heavily influenced by the workers and retirees impacted by these rules, and the powerful advocacy organisations that speak for them have been using the legislative process to push for a legislative cure.

According to retirement experts, some retirees may be able to earn hundreds of dollars more in government benefits each month as a result of the move.

According to a Congressional Budget Office analysis, the bill is expected to cost approximately $196 billion over the next 10 years. As a result, federal budget experts are worried that the change could negatively affect the program’s already fragile financial status.

In an interview with the Bipartisan Policy Centre, Emerson Sprick, associate director of economic policy, said he was frustrated by “the overwhelming support in Congress for the contrary of what policy researchers concur on is quite frustrating.”

Instead of eliminating current formulas, we could improve them.

Among these changes is the Social Security Administration’s increased disclosure of the anticipated monetary benefits for these public sector workers.

The Committee for a Responsible Federal Budget, a nonpartisan fiscal think tank, has voiced concerns that the additional cost will impact the program’s ability to continue.

Maya MacGuineas, the organization’s leader, made the declaration, saying, “We are hastening towards our own fiscal ruin.”

“It is noteworthy that lawmakers are in a position to shorten the timeframe by six months, as there are just nine years left before the trust fund for the biggest program in the country runs out.”

Senator Ted Cruz, a Republican, said on the Senate floor on Wednesday that the bill in its current form would “throw granny over the cliff.”

According to what he stated, “every senator who votes to impose a burden of $200 billion on the Social Security Trust Fund is opting to put the interests of senior citizens who have contributed to Social Security and earned those benefits in jeopardy.”

Those who favoured the legislation said that the question of what would happen to Social Security could be settled later.

“Those are significantly longer-term concerns that we must collaboratively address,” a supporter of the idea Senator Michael Bennett told Reuters when asked if the move would affect the government’s capacity to be viable.

SOURCE: BR

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King Charles Could Millions Annually from Renting His Properties

Man Creates Candy Cane Car to Spread Christmas Cheer

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King Charles Could Millions Annually from Renting His Properties

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Estimated Annual Rental Income of £1.4 Million

A recent analysis suggests that King Charles might earn over £1 million each year by renting out royal properties to holidaymakers.

The Royal Family’s historic houses and mansions are popular holiday rentals, contributing significantly to the Palace’s revenue.

Pikl Insurance estimates that the royals may earn up to £118,775.85 per month, or around £1,425,310.20 per year, from their holiday rental portfolio. Even after accounting for cancellations, the monarchy is anticipated to generate a net annual income of somewhat more over £1.4 million.

Estimated Annual Rental Income of £1.4 Million

The four primary royal properties accepting public bookings are Balmoral Castle, Castle of Mey’s Captain House, Restormel Manor, and Dumfries House, according to Express.co.uk. Cottages at Balmoral Castle in Scotland are expected to generate £36,798.30 per month after accounting for cancellations.

According to the numbers, the 500-year-old Restormel Manor in Cornwall is the most profitable of them all, earning a solid £47,082 every month. The resort, located in the Fowey Valley, has four booking spaces and six converted barns.

Windsor Castle

Dumfries House in Ayrshire, Scotland, adds an estimated £31,185.63 and offers 25 rooms for booking. The Castle of Mey’s Captain House in the Scottish Highlands is estimated to generate a more modest £3,709.92 per month, despite the fact that the entire property is available for booking.

The analysts stated, “While the Royal Family’s primary role is undoubtedly to serve the nation, it is clear that their properties are also a valuable asset.” These estimates highlight the royal estate’s considerable financial potential and provide an intriguing peek into the monarchy’s corporate operations.”

Royal Family received £86.3 million from the taxpayer-funded Sovereign Grant in the previous fiscal year, according to official numbers released in July.

All revenues from the Crown Estate, which includes royal households, forestry, agriculture, and offshore wind, are paid directly to the Treasury, with a portion of this money, now 12%, returned to the Royal Family to finance their tasks.

The records also cover a period of jubilation, including the coronation and festivities surrounding the King and Queen’s crowning in May of last year.

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