The Law Association of Trinidad and Tobago is sounding the alarm about what it says is “the increasing prevalence of identity theft and the use of fraudulent documents by fraudsters in land transactions”.
In a release issued today, LATT warns that many instances of fraud are happening with respect to the sale, purchase, and mortgage of residential property.
Citing a a recent judicial decision concerning identity theft in the sale of a property, LATT expressed concern at the fact that experienced professionals in the property business are having difficulty recognising fraudulent activity.
“The level of sophistication employed by fraudsters is such that instances of fraud can easily escape the scrutiny of trained and experienced real estate agents, attorneys-at-law and officials of financial institutions,” LATT explained.
“Often, these professionals may not be able to ascertain the veracity and authenticity of documentation pertaining to the identity of parties in property transactions,” LATT said.
The Law Association is advising all stakeholders and the public to be aware of and carry out their responsibilities with extra care and attention, to ensure the incidence of fraud is reduced substantially.
“We are therefore urging members of the public and all persons involved in the buying and selling of property to be vigilant and use all reasonable efforts to find out the true identity of sellers, mortgagors and their agents,” LATT said.
It added: “Owners should also take steps to protect their identity and property—especially when they (a) do not live on the property being sold or (b) reside abroad—by not supplying any personal information or identification documentation to any person other than a real estate agent registered with the Financial Intelligence Unit, an attorney-at-law, or authorised officials of financial institutions.”
The law body said it is monitoring the situation very closely.