Revealed! The regions where homeowners are at most risk of property fraud

Homeowners in the East Midlands, North East, North West and Scotland may be at higher risk of property fraud, research suggests.

Anti-money laundering (AML) platform Thirdfort has analysed the areas with more mortgage-free properties, which it claims are more vulnerable to fraud.
 
The research found that more than a third of homes in those four regions are owned outright.

Harriet Holmes, AML service manager at Thirdfort, said: “Mortgage-free properties are one of the types of properties most at risk of property fraud because there are often fewer checks and hoops to jump through, so criminals see them as easier targets. As a result, conveyancers and estate agents need to be especially vigilant in those regions of the country where more people own homes outright.” 

She suggested property firms should regularly update staff training on the risk around identifying fraud and the red flags of which they should be aware, especially in those areas where more people are likely to own their homes outright. 

Holmes added: “Alongside such training, digital verification tools can help reduce the burden on staff when verifying ID documents. 

“With the right technology, documents can be identified as fraudulent in minutes, giving professionals time to focus on other red flags and ensure they reduce the risk of fraud.”