The Canada Revenue Agency (CRA) will soon launch a new income-verification tool to help combat mortgage fraud. That's according to the latest update …
The Canada Revenue Agency will soon launch a new income-verification tool to help combat mortgage fraud.is also known as "application fraud" and occurs when individuals falsify the information on their mortgage application. Someone else may also try toThe federal government states that committing this type of fraud can affect one's ability to obtain a mortgage or credit in the future.
These consultations aim to identify options that would help financial institutions find solutions and options to detect and stop fraud in a secure, user-friendly manner that works with the CRA's systems. "With consumers facing a difficult mortgage market and continued economic headwinds, we may see an increase in mortgage fraud," stated Carl Davies, head of fraud and identity for Equifax Canada, in a statement at the time.report from Equifax Canada indicates that mortgage fraud rates have decreased compared to the same period in 2023, dropping by 16.3 per cent year over year.
Income Verification Tool Mortgage Fraud
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