PROPERTY FRAUD CRISIS

Research by ABC Finance suggested the UK is suffering a property fraud crisis. Following a freedom of information request, the lender discovered the number of fraud claims received by HM Land Registry was twice the number it prevented since 2009. Just 3 per cent of frauds (31 out of 1,000 frauds) were prevented. It also found property fraud costs a victim at least £8,500 and the value of the average price of a target property was £478,136. The research also showed property fraud is the most common fraud reported by local authorities. The lender said: 'What's most shocking is the simplicity with which this fraud can take place. Scammers target vulnerable properties and uninformed people looking to rent or buy using basic identity spoofing and spear-phishing tactics. Sometimes all it takes for them to turn a profit is a fake listing.' 23 August 2019