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Use of ACRIS system to detect potential fraud based on market values
0:25:55
·
95 sec
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.