EquityProtect’s Property Title Lock Foils Alleged Elder Fraud Scheme
Scammer’s attempt to steal equity from senior homeowner thwarted by fraud prevention service
EquityProtect, a leading innovator in real estate fraud prevention and data security, effectively stopped a title theft scheme targeting an elderly Ohio homeowner using its patented SmartPolicy technology. The situation exemplifies one of many cases in which EquityProtect has stepped in to prevent potential fraud before it happens, and it highlights the critical role EquityProtect can play in stopping financial scams targeting the elderly.
The incident occurred in Columbus, Ohio, late this summer, when a scammer who had gained influence over an elderly gentleman persuaded the homeowner to secure a reverse mortgage on his property in an attempt to steal his equity. But, because the homeowner’s daughter used her Power of Attorney and Guardianship over her father’s real estate holdings to enroll the property into EquityProtect’s preventative protection, the fraudsters’ plan was foiled. EquityProtect’s SmartPolicy technology effectively locked the property’s title and forced the lender to seek out the lawful owner’s authorization for the loan to proceed. The request was made to EquityProtect and the company then reached out to the individual’s daughter.
“I was shocked when I heard from EquityProtect that my father was attempting to take out a mortgage on his home, as he has no need,” said the victim’s daughter.* “We have been dealing with the influence this scammer has over my father for years, and I cannot imagine how horrific it would have been if they had succeeded. I was so thankful we had EquityProtect’s technology in place to stop this before it happened.”
Financial crimes targeting the elderly have increased in recent years as the technology that supports these scams becomes more sophisticated. According to the FBI’s Boston Division, there was a total of $4.88 billion in losses from 147,127 complaints in 2024, representing a 46% increase in complaints and 43% increase in financial losses from the year before.
“EquityProtect offers unmatched protection from title theft because, unlike other systems out there, it stops the crime before it actually occurs,” said Jon Dovidio, Vice President of Business Development at EquityProtect. “We are thrilled to see our technology protect against a potential egregious financial scam targeting an elderly homeowner, and we hope that more people like this homeowner’s daughter will help their loved ones put preventative measures in place to stop these crimes from happening.”
*The identity of the homeowner is being protected because of the sensitive nature of this scheme and the ongoing investigation.
About EquityProtect
As property fraud continues to rise, EquityProtect is at the forefront of real estate fraud prevention and data security with cutting-edge technology. The company develops innovative solutions to safeguard property owners and organizations from unauthorized data modifications and fraud, ensuring the integrity and security of real estate transactions worldwide.
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Disclaimer:
Equity Protect acknowledges that some advertised services may exaggerate the threat of deed and title fraud. Our aim is to provide accurate information about the evolving risks of seller impersonation and deed fraud. While it is true that the overall incidence of home title theft is relatively low, certain factors can increase the likelihood of a property owner becoming a victim of seller impersonation and deed fraud. Our data suggests that while 25% of people nationwide may be at high risk for title fraud, among our premium users, 1 in 11 have faced actual fraud attempts, with all affected properties (excluding family disputes) classified as high-risk. The risk assessment offered is based on current fraud attempts, evolving tactics, and statistics from reputable sources such as the American Land Title Association (ALTA), which recently shared that 28% of title companies experiencing at least one incident of seller impersonation fraud in 2023. We strive to educate the public about genuine vulnerabilities while dispelling misconceptions. Users should be aware that while we provide valuable insights, individual circumstances may vary, and our services should be considered as part of a comprehensive approach to property protection.