Fraud Prevention
Update about fund transfers
There has been much written about how lawyers receive and deliver money from their trust accounts on behalf of their clients as part of a transaction. The issue comes down to ensuring good funds are being dealt with in order that value is exchanged. In Canada, our banking system works on the basis of trust,… Read More »
Categories: Real Estate, Fraud PreventionWhat’s wrong with this picture? Be on alert for fake IDs issued by different authorities or different times with identical photos
LAWPRO continues to see high levels of real estate fraud activity. Lawyers and real estate clerks should be on high alert for mortgage frauds. In some instances, fraudsters appear to have used photo ID, issued by different authorities, or issued years apart, but where the documents used the same picture. In these cases, it’s clear… Read More »
Categories: Fraud PreventionWatch for real estate frauds involving private mortgages
In a hot real estate market fraudsters are even more motivated than usual – there is a lot of money to be had and lawyers are common targets. LAWPRO is seeing a significant increase in the number of real estate frauds involving private mortgages. The Toronto Police Service recently issued a news release about ongoing… Read More »
Categories: Fraud PreventionWhat to do if money is diverted to a fraudster’s account?
There are multiple scenarios whereby fraudsters will attempt to have you wire funds to a different account than the one that you had intended to fund. Unfortunately, some of those attempts are successful. LAWPRO has received such claims and heard of many others. Here are some tips to assist you if such a fraud happens… Read More »
Categories: Fraud PreventionFraud warning from the Law Society of BC regarding shelf company enquiries
The following is a warning posted March 4 from the Law Society of British Columbia. While we have not heard of this being reported by any Ontario lawyers, firms that deal with shelf companies should be vigilant. Random calls and emails inquiring about shelf companies BC lawyers have reported receiving random phone calls and emails… Read More »
Categories: Fraud PreventionWire Fraud Scams on the Rise: 5 Tips to Reduce Your Risk
LAWPRO is seeing an increase in phishing attacks against lawyers trying to trick them into wiring funds out of their trust accounts to the fraudster. It starts with a hacked email system or impersonation using lookalike fake email address. We have seen cases where the fraudster has hacked into a lawyer or law firm email… Read More »
Categories: Fraud PreventionNew LAWPRO Webzine: Limitation period updates, free CPD, and fraud alert
Looking for last minute CPD? We’ve got you covered with complimentary CPD programs, several of which offer professionalism or EDI hours. They also qualify for the LAWPRO Risk Management Credit. How to deal with limitation periods that were suspended during the pandemic From calls we have received from insureds, LAWPRO is aware there are questions… Read More »
Categories: Fraud Prevention, Civil Litigation, Limitations ClaimsCanadian Anti-Fraud Centre Bulletin: Money Mule Awareness
The following is the text of a bulletin from the Canadian Anti-Fraud Centre: Increasingly, fraud networks are recruiting unsuspecting fraud victims to receive and transfer money from other victims. When this happens, the victim becomes a money mule. What is a Money Mule? A money mule is an individual who is recruited by fraudsters to… Read More »
Categories: Fraud Prevention