Buyers, sellers, landlords and owner occupiers are being urged to be aware of the growing property fraud threat as criminals target property transactions.
Mortgage Advice Bureau says many clients remain unaware of the risks or the steps they can take to protect their identity and property.
Data from HM Land Registry suggests it prevented 97 registered title fraud attempts involving properties worth £58 million in just one year.
Property fraud can involve criminals impersonating an owner to sell or mortgage their property without their knowledge.
The Registry says landlords, owners of UK properties currently living overseas, and owners of empty or mortgage-free properties can be particularly vulnerable.
Buyers also face the separate threat of payment diversion fraud during conveyancing.
A spokesperson for Mortgage Advice Bureau says: “It’s striking how few clients are aware of property fraud, or the steps they can take to protect their identity through the buying, selling, or remortgaging process.
“As an industry, we have a responsibility to raise that awareness, and a five-minute conversation now can save someone a huge amount of stress and financial harm later.
“Open banking has brought real benefits for consumers – including faster decisions and more transparency – and we shouldn’t undermine the trust built up around it.
“The key takeaway? Go through the homebuying process with experts who know what to look for.
“For advisers, that often means encouraging clients to ask how their data is collected and stored, checking that everyone involved in a transaction is properly regulated, and being alert to unsolicited requests for personal details.”
This article is taken from Landlord Today