Met Police vow to step up fight against property fraud

Met Police vow to step up fight against property fraud




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As fraudulent activity in the housing market grabs headlines, with the recent discovery of a £40 million mortgage fraud perpetrated by a ring of professionals in

Sussex

, the Metropolitan Police has launched a property industry counter-fraud forum.

The PFAST (Property Forum Acting for Safe Transactions) will work alongside various partners, including the Royal Institution of Chartered Surveyors (Rics) to tackle the escalating problem of property fraud.

Whilst some industry experts point to the introduction of the Land Registration Act in 2002 for causing a higher risk of property title theft and fraud, it is generally acknowledged that there has been a steady increase in fraud across all sectors in recent years.

However, as worry grows over increasingly sophisticated mortgage fraud cases, real estate professionals and authorities have pledged to work together in order to protect lenders and borrowers from being defrauded.

Detective Chief Superintendent, Nigel Mawer, head of the economic and specialist crime command at the Met, commented: “Fraud forums such as PFAST provide an invaluable conduit to share intelligence and best practice in the property industry and we will continue to work with our partners to strengthen the fight against economic crime.”

 

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