This afternoon LAWPRO sent an e-blast warning Ontario lawyers to be on the lookout for the latest fraud scheme targeting them. For the first time LAWPRO is seeing a counterfeit bank draft fraud scheme that targets real estate lawyers on mortgage deals. Furthermore, the new scenario may include the supposed fraudster using the identity of a major national financial institution as the actual lender in the transaction.
This new type of fraud works as follows: A new and previously unknown client or lender contact allegedly from a major bank will ask a lawyer to act on mortgage matter. The source . . . [more]