“Build a better mousetrap, and nature will build a better mouse” the old saying goes.

Back in the good old days of Identity Theft — (you know, 2007…?)  — the “evil-doers” were after your bank account, credit cards, checks, anything from which they could extract fast cash.

Today, your cash and cards are chump change to high-tech and highly savvy thieves.  Now they’re going after your single largest asset: your home.  And knowing how they do it is the first step toward keeping it from happening to you.

Step 1: Your average ne’er-do-well picks out a target house, and begins to gather personal information about the owner. (This, by the way, is incredibly easy. Pick out any piece of Myrtle Beach real estate, and in five minutes I can tell you who owns it, for how long, for how much, all details about the mortgage.  And I don’t have to get up from my computer to do it.)

Step 2: Your new “friend” now knows your name and address. It’s only a matter of a few hours online to obtain more personal information, and generate a fraudulent driver’s license and/or other ID.

Step 3: With your address and identification, they then transfer the deed to your home into their own name. (Most of the time, this can be done without you ever finding out about it.)  And, by filing the new deed with the county, they now officially “own” your house!

Step 4: Now that they own the home, the variations here are limited only by their imagination. Most often, though, we see the quick & easy flip: selling the home at just pennies on the dollar to an out-of-town investor (who doesn’t feel the need to visit and inspect the property personally). What makes your home so attractive is that the sales price is of secondary importance to the thief.  He can “afford” to let the house go for a price that is way below value.. after all, every dollar above zero is profit!

In my next blog post, I’ll include a list of ways you can avoid becoming a victim of Identity Theft 2.0.