Whilst Summer ends, tenancy fraud risks continue to grow
With the cost of living crisis and the surge in energy bills looming many are struggling with the seemingly never-quelling rise of most household bills alongside skyrocketing rent prices.
The Homeppl fraud-catching tech continued to spotlight rental fraud throughout the busy time of August across the country, with even a few repeat offenders being flagged on our fraud database, Heimdall.
A damning grand value of fraud caught this month was £692,643, with the London as the epicentre once more; we detected 12 cases of fraud amounting to £615,375 in the capital. Two cases of fraud were also caught in Hertfordshire amounting to £54,924 and one case in Surrey saving our clients £22,344!
As economic hardship seeps into the majority of UK households with the energy and cost of living crisis descending, fraud is on the rise with many potentially making fraudulent claims to secure rental properties. Therefore it is more important than ever for letting agents to put into action manual reviews of tenants and upgrading their tenant referencing services to those who have a strong focus on providing the best possible financial risk protection.
Between January and July we have saved our clients a staggering £7.4m world of tenancy fraud so far.
Homeppl have been catching frauds for years. As such, we've built ourselves a database of offenders. It is not uncommon for the same person to be flagged for different letting agents and this happened this month where the same offender flagged for a third different letting agent protected by our technology. Our system flagged the individual straight away, saving £61,872 in contract value. From the vast and detailed database Homeppl have built over the numerous years of catching fraudsters we are able to offer our clients the best protection over their properties.
Fraud spotlight
Homeppl has been contacted by a regional police force regarding an applicant whom we flagged as fraudulent this August 👮
Thanks to our incredibly advanced technology, we were able to prevent one of our clients from renting a property to someone affiliated with a Turkish far-right terrorist cell notoriously involved with numerous crimes such as trafficking, the drug trade, extortion and assassinations.
We're delighted to support the police & are proud that our solution is powerful enough to uncover criminals trying to rent in the UK.
This fraud catch demonstrates our mission to re-define the purpose of tenant referencing. As a legal pre-requisite to new tenancies, referencing has long been seen as a loss-leading exercise, dominated by large insurance businesses to sell insurance products. This has brought about a systemic lack of attention to detail completely defeating the object of referencing in the first place. Homeppl is alerting agencies to the devastating rise in tenancy fraud and offering the maximum protection available from fraudsters and now, even more overt criminal associates.
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It really is time for letting agents to put the financial risk of their landlords first and to address the rising tide of tenancy fraud in the UK.
There is a direct correlation between people falsifying their affordability & residency documents and those who default later down the line and cost money.
Book a demo of the most comprehensive referencing product including 150+ fraud detection tests utilising:
Behaviour analysis
Open Banking
Document Analysis
Maximise lettings revenue. Reduce fraud loss. Read more about our tech here.
