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Report flags 30 potential mortgage fraud cases

The Alberta government should do more to catch mortgage fraud, the auditor general recommended last week after uncovering 30 worrisome cases in a review of the province’s land titles registry.

The latest auditor general report recommends that Service Alberta improve its tracking of the land titles registry to detect unscrupulous activity.

“Without adequate systems to identify suspicious transactions, and mitigate the risk of fraudulent documents being registered, there is an increased risk that Alberta homeowners could become a victim of property fraud,” the report said.

In the auditor general’s probe of 148 unusual property sales in 2008-09, 30 potential frauds were flagged. The cases included a property that was flipped for a $132,000 increase in one day and a man who resold the same property to himself twice, with the property’s value rising $332,000 in eight months.

Click here to read the Calgary Herald article.

Report flags 30 potential mortgage fraud case

By Renata D’aliesio, Calgary Herald
April 15, 2010

The provincial government should do more to catch mortgage fraud, the auditor general recommended Wednesday after uncovering 30 worrisome cases in a review of Alberta’s land titles registry.

Assistant auditor general Doug Wylie said the office isn’t certain how Alberta compares to other provinces when it comes to the number of mortgage fraud cases.

However, the latest auditor general report recommends that Service Alberta improve its tracking of the land titles registry to detect unscrupulous activity.

“Without adequate systems to identify suspicious transactions, and mitigate the risk of fraudulent documents being registered, there is an increased risk that Alberta homeowners could become a victim of property fraud,” the report said.

In the auditor general’s probe of 148 unusual property sales in 2008-09, 30 potential frauds were flagged.

The cases included a property that was flipped for a $132,000 increase in one day and a man who resold the same property to himself twice, with the property’s value rising $332,000 in eight months.

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