Condominiums And New Technologies: How To Mitigate Risk Of Fraud

Over the past few years, the condo industry has seen a surge in the availability and use of new technologies. A board member in 2019 would likely have been surprised to see an upcoming Annual General Meeting scheduled on Zoom or contractor payments needing to be approved through an online payment platform.

Fast forward five years, and the use of remote services and virtual meetings has become commonplace. This shift has brought many advantages, from increasing owner engagement in virtual meetings to making board members' routine tasks easier to complete.

With the surge in technology, however, new risks have emerged. One significant area of risk is posed by the combination of the rising popularity of artificial intelligence ("AI") and the proliferation of phishing emails and so-called deepfake fraud.