Tag: Property Fraud
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CQS Mortgage And Property Fraud Prevention Policy November ' 2023 Update
Lexsure’s November CQS Core Practice Management monthly update included suggested changes to a firm’s Mortgage And Property Fraud Prevention Policy One of the drafted paragraphs relates to Unencumbered Property. This imported addition or new section emphasises the need to pay careful attention to transactions where the property is unencumbered. Firms may wish to adapt their onboarding or…
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Are Authentication Badges the answer to Conveyancing Website Fraud?
Both the SRA and the Council for Licensed Conveyancers (CLC) are currently focusing their attention on cyber crime and property fraud. The CLC’s recent fraud webinar was extremely informative. I would wholeheartedly recommend any lawyer or estate agent spending the hour watching the recording. With mortgage and property fraud prevention policies and procedures in mind…
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The Lloyds Warning That is Equally Applicable to Conveyancers
Lloyds Banking Group has warned brokers that the increase in paper work associated with the Mortgage Market Review changes may increase the risk of fraud and they need to remain vigilant. In the same way that brokers are faced with new administrative burdens the same is also true of conveyancers who in recent times face…
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Prevention of Property Fraud
With the dramatic recent rise in mortgage fraud and property fraud cases in the UK , there is increasing need for members of the public to be better informed about what to look out for and how to avoid falling foul of a property fraud scam. Property fraud scams can be carried out in a…
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Conveyanacers Beware – Property Fraud likely to top £1b in 2010
Approximately £1 billion a year is predicted by the National Fraud Association to be lost through mortgage fraud. Since the onset of the recession, mortgage lenders have gone to greater lengths to combat fraud and protect their businesses (partly driven by their insurers). For example, with sub-prime, buy to let and self-certified mortgages proving to…
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Property loans fraud results in Solicitor being struck off
An Irish conveyancing solicitor who engaged in fraudulent practices to obtain loans on properties, leaving a financial institution with losses of €1.25 million loss, has been struck off by the High Court. According to IrishTimes.com, Mary Miley, formerly practising as Miley and Co Solicitors, Rathdrum, Wicklow, obtained money by pretending she was acting for a…
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Mortgage Fraud Booming Like Never Before
BDO, has come up with some frightening figures on mortgage fraud, against a backdrop of soaring UK losses to fraud in 2009 (over £2 billion) across all sectors. It predicts worse to come. In 2009, mortgage fraud accounted for 18% of all reported fraud and 27% of fraud in the UK finance and insurance sector.…
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Minimising risks faced by property owners as a result of property fraud
Background to property fraud Identity Theft The phenomenon of identity theft has assumed alarmingly high proportions around the world today .Advances in technology often fuel identity theft rather than prevent it , as more and more sophisticated means of identity theft are devised by fraudsters . It is estimated that identity theft costs the UK…
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Property Fraud on the increase
The Daily Mirror in an article entitled How Mortgage Fraudsters Stole Our Mother’s House last week highlighted a recent case where crooks have managed to sell a house from under the noses of the real owners – who warn the same fraud could happen to anyone. In March 2009 a BBC reporter wrote to Land…