What is mortgage fraud?
Mortgage fraud is more common than you may think, and there are multiple ways in which it can happen:
- Fraudsters can attempt to intercept and hack your solicitors’ or estate agents’ email accounts, gathering enough details to trick you into sending a deposit or money from a sale to a different account. If you make the payment, the funds go to an account the fraudster has access to.
- A variation on this scam can be when fraudsters pose as you, the client, and target your solicitor. An email, appearing to have come from you, provides new or amended account details of where to send the proceeds of a house sale or tenancy deposit.
- Fraudsters can pose as you and sell your property or take out a mortgage against it without your knowledge, known as property hijacking. By changing their name by deed poll to match yours and paying people to pose as tenants, the fraudster attempts to sell your property to a cash buyer, or take out a mortgage in your name.
If you think you may have fallen victim to fraud please contact us immediately.