Fraud Alert

New Property Scam Involving Letting Agents

Officers from Operation Sterling have been made aware of a new fraud from their partners in the Property Fraud Forum (PFAST) relating to lettings.

Landlords of properties being managed by some letting agents in the UK are having their identities stolen. Once stolen, the fraudster emails the lettings agent from a Yahoo email address. The first emails are usually in relation to minor issues regarding the property. As a result, once replied to all future email correspondence has been successfully diverted to the fraudster.
After a short period of time they inform the agent that they wish to sell the property or wish to raise a mortgage on the property.
They were able to provide copies of passports, and utility bills (one passport had a genuine photograph of the real owner taken from the internet).
This is a complex fraud, which suggests the fraudsters have a very good understanding of estate agency procedures, conveyancing procedures, how to obtain a mortgage as well as the legislation that surrounds these activities. The fraudsters also understand how the agent, solicitor and mortgage advisor/lender interact with each other and the weaknesses in their processes, which allows them to convince all parties that they are dealing with the genuine landlord.

If you are a landlord or an agent and this has happened to you or your company contact Action Fraud.