citymeetings.nyc

Your guide to NYC's public proceedings.

Q&A

Use of ACRIS system to detect potential fraud based on market values

0:25:55

·

95 sec

Video Player is loading.

Current TimeÂ 0:00

DurationÂ 0:00

Loaded: 0%

Stream TypeÂ LIVE

Remaining TimeÂ 0:00

Â

Colette McCain-Jacques explains how the Department of Finance uses the ACRIS (Automated City Register Information System) to detect potential fraud in property transfers.

ACRIS automatically pulls information about market values for properties
The system flags any transfer being sold below the market value
This automated process helps ensure that potentially fraudulent transfers are not missed

Colette McCain-Jacques

0:25:55

So we have it built into our ACRA system.

0:25:59

So the ACRA system pulls the information and it pretty much knows what the market value is.

0:26:05

So it's determined like that.

0:26:06

I don't have an exact percentage to tell you and what the threshold is, but that's what the flag is based on.

Crystal Hudson

0:26:14

Okay.

0:26:15

Do you think there could be a scenario where there are, homes or people or cases in this instance that would fall somewhere between the the threshold that you're talking about and then the actual market value.

0:26:30

Like, are we missing anyone essentially with the system that you're talking about?

0:26:34

If it's flagging people or flagging homes that might be, you know, below 50% of the assessed value or below 50% of the market rate rather or simply just using the assessed value.

0:26:46

Are we missing anybody who might who might be making a they they might still be, you know, experiencing deed deed theft or fraud, but they're not somehow hitting the the threshold in your system?

Colette McCain-Jacques

0:27:04

Maybe I should explain it differently.

0:27:07

Okay.

0:27:08

So when a docu a deed document comes in, right, and it goes through the system, we have another system that it pulls the information with the market value.

0:27:19

So, anything that is being sold below that market value is gonna be triggered.

Crystal Hudson

0:27:26

Okay.

Colette McCain-Jacques

0:27:26

So it's not gonna get missed.

0:27:28

Okay.

UNKNOWN

0:27:29

You know

Colette McCain-Jacques

0:27:29

what I'm saying?

0:27:29

I got you.

0:27:30

Anything.

← Previous Chapter

Department of Finance's criteria for flagging suspicious deed transfers

Next Chapter →

Department of Finance's proactive outreach efforts