Three industry professionals told Insider that incidents like this also happen in the US, and that homeowners should be taking steps to avoid it happening to them. The frequency of this specific type of fraud is hard to quantify, with most data tending to focus on the prevalence of mortgage fraud as a whole. Industry professionals told Insider in March that real-estate fraud as a whole has surged in the past year. Even in cases where the defrauded individuals successfully contest the loan, Berg said it can still be "costly and, of course, upsetting." The experts agreed that another way to stay safe is by purchasing insurance, such as an owner's title policy.

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Persons: —, Jay Allen Macdougall, Macdougall, Josh Migdal, Migdal, Hayden, Arthur Pfizenmayer, Pfizenmayer, Bridget Berg, Berg Organizations: Service, Toronto, FBI, Federal Trade Commission, Industry, United States Sentencing Commission Locations: Canada, Pfizenmeyer, CoreLogic