Growing number of fraudulent ID and lettings applications

Data from fraud prevention database CIFAS a marked increase in both identity fraud and false lettings applications in the UK according to the verification service Credas. 

It says there have been increases of 34 and 45 per cent respectively in ID and application fraud respectively across the lettings sector over the last nine months. 

Credas claims that ID fraud poses a significant risk to letting agents with previous research identifying rogue tenants cost an average of £34,797 in lost rent, legal fees and damage to properties to each affected agent.

Tim Barnett, chief executive of Credas Technologies, says: “With demand for rental properties soaring there is evidence that potential tenants are massaging their applications to appear more favourable candidates. In areas like London, a resulting few months of missed rent is a significant sum to any landlord and can’t be easily recovered.

“Therefore letting agents need to ensure that tenants are thoroughly vetted.

“Bad actors are also posing as property owners and subletting, putting the letting agent at huge risk. Letting agents have a duty of care to their tenants to ensure the property they are renting belongs to their client.

“There’s also the reputational risk of working with less scrupulous characters.”

With thanks to Letting Agent Today. The full story is here: https://www.lettingagenttoday.co.uk/breaking-news/2022/12/growing-number-of-fraudulent-id-and-lettings-applications

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