Business Irish

Sunday 24 September 2017

Fraudsters try to steal landlords' properties

Irish landlords may be at risk of having their properties sold from under their noses should a UK property scam cross the Irish Sea.

London's Metropolitan Police has warned that fraudsters have stolen personal details of landlords whose properties are managed by letting agents.

The fraudsters then email other lettings agent in a bid to con them into believing they own the building.

Through several emails the fraudsters build up communications with the letting agency which also has a sales division. After a short period, they inform the agent that they wish to sell the property or want to raise a mortgage on it.

A spokesman for the Met said: "This is a complex fraud, which suggests the fraudsters have a very good understanding of estate agency. They understand how the agent, solicitor and mortgage adviser and lender interact with each other, and the weaknesses in their processes."

Agents are being urged to tighten security in response to the deception.

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