Breaking Property News – 12/08/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Over 150k additional homeowners have signed up for HM Land Registry scheme
New figures obtained by Thirdfort, a client due diligence platform combining Know Your Client (KYC), Anti-Money Laundering (AML) and Source-of-Funds (SoF) verification, show a 26% increase in the total number of homeowners who have signed up to a property alert scheme to protect against fraudulent property transactions.
According to a Freedom of Information (FOI) request, 108,290 property owners registered for the free HM Land Registry’s Property Alert Service in 2023. Some 43,033 have signed up so far this year. The figures suggest that homeowners are increasingly concerned about the risk of fraud, given the rising prevalence of fraud in recent years. The value of reported fraud is said to have more than doubled in 2023, to £2,3bn, according to accountancy firm BDO.
Olly Thornton-Berry, co-founder and Managing Director of Thirdfort, said: “As fraud figures continue to rise, property owners and professionals must do all they can to prevent fraudulent transactions. With increasingly sophisticated methods of identity fraud, all properties are at risk. However empty properties, tenanted properties and those without a mortgage are particularly vulnerable. It’s hugely positive that we’re seeing more and more homeowners taking advantage of the Property Alert scheme, but we continue to urge more people to take this simple but effective step.”
According to the FOI data, 734,687 people in total have now signed up for the free service since its launch in 2014. With approximately 24.8 million homes in the UK, this could represent as little as 3% of property owners, despite significant risks of title fraud.
HM Land Registry’s Property Alert service offers a quick and simple way for homeowners to protect themselves against property title fraud. Property owners can sign up in minutes and can register up to 10 properties. Email alerts are sent when HM Land Registry receives an application to change the register as well as for official searches. This enables property owners to judge whether the activity is suspicious and if they should seek further advice.
Olly Thornton-Berry concluded: “At Thirdfort our mission is to protect society from fraud and money laundering. Our platform, which combines cutting-edge technology such as AI, Open Banking and cryptographic and biometric verification, can help protect both homeowners and property professionals from identity fraud. That’s why Thirdfort is working with more than 1,200 conveyancing firms, estate agents and law firms to make client verification simple and secure.”
*Property owners can register up to 10 properties. An individual does not need to own the property to set up an alert. In 2021, there were 24.8 million households in England and Wales according to ONS data.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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