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On June 17, 2009, LawPro reported a new fraud appearing in Ontario. The hallmarks of the scheme are that: A new and previously unknown client or lender contact allegedly from a major bank will ask you to act on mortgage matter. The source of the referral will be unknown to you (i.e. a person you don’t know or recognize). Shortly thereafter, you will receive mortgage instructions, and a legitimate looking bank draft drawn on a major bank. Loan amounts to date range from $640,000 to $685,000. Client will be in a rush to complete the deal. The bank drafts used in the scheme are fraudulent and the fraudsters appear to be using stolen identity information from actual property owners. For complete details of the scheme, read: Fraudsters Now Using Counterfeit Bank Drafts and I.D. of Major Banks on Mortgage Deals by Dan Pinnington of LawPro. The Canadian Lawyers Insurance Association provides loss prevention information solely for the benefit of CLIA insured lawyers. The content and links provided in Loss Prevention eBytes are intended as resources to qualified lawyers who should exercise due care and their professional judgment in adapting or making use of any content.
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