The Federal Trade Commission (FTC) reported that American consumers lost $10 billion to fraud in 2023, a 14% increase from the prior year.
In the real estate sector, there has been an increase in bad actors driving fraudulent activities, leading title insurance companies to commit to combating various financial crimes.
Seller impersonation fraud occurs when fraudsters impersonate property owners to sell property they don't own, often targeting non-owner-occupied properties.
The title insurance industry has deployed tools and resources to catch seller impersonation fraud before real estate closings and provides protection for affected buyers.
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