As a property manager in Quebec, whether in rental or condominium management, are you ready to face the new waves of fraud that will be breaking in 2025?
Recent statistics are alarming: over 108,000 cases of fraud were reported in Canada in 2024, resulting in colossal financial losses of over $638 million.
But this figure represents only the tip of the iceberg, as it is estimated that only 5 % of frauds are actually reported, suggesting a much larger and more insidious threat.
The year 2025 brings its own challenges, with artificial intelligence transforming fraudsters' tactics.
Deepfakes and identity theft are exploding, with a staggering 244 % increase in digital manipulation fraud in one year.
At the same time, cyberattacks are on the increase, with 41,000 cybercrimes recorded in just six months, 56 % of which were linked to financial fraud. As this Statistics Canada study points out.
For Quebec real estate professionals, this reality calls for heightened vigilance and the adoption of robust prevention strategies tailored to the specificities of rental and condominium management.
How do you navigate this ever-changing threat landscape and effectively secure your assets and those of your customers?
This guide sheds light on the major trends in fraud in 2025, and offers concrete ways to anticipate, protect against and thwart fraud, taking into account the unique challenges of each type of property management.
Key Trends in Real Estate Fraud in Quebec in 2025: What You Need to Know
The year 2025 is marked by the growing sophistication of fraud techniques, fueled by rapid technological advances, as highlighted by our Fraud Prevention Guide (March 2025).
For property managers, whether they manage rental properties, townhouses or condominium corporations, it's crucial to understand the new threats in order to better guard against them.
Artificial intelligence is now a formidable weapon in the hands of fraudsters.
Visit hypertrucagesor deepfakesWith the help of these tools, you can create ultra-realistic videos and audios of people who have never uttered these words or committed these actions.
Imagine receiving a call from your board chairman or an owner with a credible voice and appearance, requesting an urgent transfer for an unforeseen building emergency.
Similarly, the voice theftwhere a recording of your voice is used to authorize fraudulent transactions, is becoming an increasingly real threat.
Visit payment fraud continue to evolve, with supplier scams targeted at maintenance or repair expenses, and sophisticated bank transfer scams aimed at embezzling large sums of money from real estate transactions.
Visit crypto-fraudalthough perhaps less direct for day-to-day management, can impact real estate investments or transactions involving cryptocurrencies.
Finally, theadvanced phishingwith false multi-factor authentication and messages imitating banks or financial institutions, remains a preferred technique for extracting sensitive information.
Condominium managers also need to be on their guard against attempted fraud targeting reserve funds or special fund calls.
Are you really protected? Debunking misconceptions about property management fraud
We often hear that fraudsters only target large companies with large sums of money.
Think again!
Small and medium-sized property management companies in Quebec are also prime targets, often perceived as having less robust security systems and limited resources for prevention.
Similarly, it's a dangerous illusion to believe that accounting software, no matter how powerful, is enough to protect you.
These tools help with management, but are not infallible against social engineering tactics and human error.
Fraud is often of human origin, exploiting flaws that go beyond technology, such as overconfidence or lack of awareness.
Finally, while trust in your employees is essential, internal fraud is a reality not to be overlooked, whether through embezzlement, undisclosed conflicts of interest or accounting manipulation.
Implementing rigorous internal controls and a culture of vigilance is not a sign of mistrust, but a vital protective measure for the long-term future of your business, whether in rental management (where rental flows are constant) or co-ownership (where substantial funds can be managed for works and maintenance).
Fraud Alert: The Most Common Scenarios for Quebec Property Managers
What are the real threats to your finances as a property manager in Quebec?
Here are some common scenarios inspired by current trends, with particular attention to the differences between rental management and condominium management:
- The fake supplier scam: For rental managers, this can mean a bogus contractor offering low-cost repairs and asking for advance payment, which then disappears.
For condominium managers, it could be a fake company bidding for major work with falsified references and asking for a large deposit.
In both cases, the fraudster uses false invoices with different bank details to divert the funds. - Targeted phishing : Rental managers may receive e-mails from bogus tenants requesting personal information or urgent transfers under the pretext of payment problems or moving house.
Condominium managers could be targeted by e-mails imitating major suppliers or financial institutions, prompting them to divulge login details or make fraudulent transfers. - False tenant/buyer fraud: In rental management, a fraudster may use false documents to rent a property and never pay the rent, causing significant losses.
For condominium management, this could involve attempted fraud during a sale or rental transaction, using forged checks or falsified identity documents. - Internal fraud : In a rental management company, an employee could embezzle funds by cashing rent cheques and not declaring them.
In condominium management, a dishonest employee could manipulate the syndicate's bank accounts, issue false payments or divert funds intended for renovation projects. - Cyber fraud: Both types of manager are vulnerable to cyberattacks aimed at stealing financial information, tenants' or co-owners' personal data, or disrupting operations via ransomware.
Condominium managers could also be targeted for access to syndicate reserve funds. - Deepfake fraud: A fraudster could use a deepfake to imitate the voice or appearance of a rental property owner or condominium board member to authorize an important funds transfer or change banking information.
Effective Prevention Strategies to Secure Your Real Estate Management in Quebec
Faced with these diverse threats, it is imperative to adopt robust preventive measures adapted to each type of property management:
- Rigorous verification of suppliers: Set up a strict process for verifying the identity of each supplier and validating any request to change bank details, whether for day-to-day expenses in rental management (small repairs, maintenance services) or for larger projects in condominium management (roofing work, major renovations).
Always require multiple levels of approval for large payments. - Ongoing training for your teams : Make your employees aware of the different forms of fraud, with particular emphasis on those encountered in rental management (false tenant inquiries, attempted deposit fraud) and condominium management (false invoices for services not rendered, attempted misappropriation of reserve funds).
Organize regular training sessions on cybersecurity, phishing recognition and best practices in financial management. - Multi-factor authentication : Enable two-factor authentication for all your sensitive business accounts, including bank accounts, property management software and e-mail.
Insist that your employees do the same. - Increased monitoring of transactions : Use tools to monitor financial transactions and detect suspicious or unusual activity, whether it concerns rent flows (long delays, suspicious partial payments) or common expense payments (unusual amounts, unknown beneficiaries).
Set up alerts for transactions exceeding certain thresholds. - Secure payment management solutions : Opt for payment management platforms like Otonom Solution, which offer advanced security features to protect your transactions and your customers' financial information, whether they are tenants or co-owners.
These solutions centralize and secure financial flows, reducing the risk of fraud linked to manual handling and traditional payments.
For rental management, this facilitates secure rent collection and payment tracking.
For condominium management, this enables transparent and secure management of common service charge payments and reserve funds. - Checking the identity of tenants and buyers: Implement strict procedures to verify the identity of prospective tenants and buyers, using background check tools and requiring official documentation.
- Clear internal policies : Establish clear internal policies for financial management, payment approval and cybersecurity, and make sure all your employees understand and respect them.
- Regular audits : Carry out regular audits of your finances and internal processes to identify any weaknesses and correct them quickly.
In Conclusion: Prevention, an Essential Pillar of Success in Real Estate Management
Fraud represents a growing and sophisticated risk for property managers in Quebec, whether they specialize in rentals or condominiums.
Keeping abreast of the latest trends, adopting effective preventive measures, raising your teams' awareness and using secure technology solutions like Otonom Solution are crucial steps in protecting your finances, your reputation and your customers' trust.
Don't wait until you're a victim to take action!
Prevention is an investment that pays off in peace of mind and financial security.
Fraud Prevention Guide 2025 to find out how our payment solutions can help you strengthen the financial security of your property management business, whether you manage rents or condominium charges.
Our platform is designed to simplify your payment processes while providing optimum security against current and future fraud threats.
Contact us today for a free, personalized consultation!
Our experts are here to help you implement a fraud prevention strategy tailored to your specific needs.
