The property sector has always been especially vulnerable to fraud. The large sums of money involved in property transactions make the sector particularly appealing to questionable business deals and criminals. Failing to deal with fraud can lead to dire consequences in terms of loss as well as punishments ranging from fines to imprisonment for individuals and organisations.
Fighting Property fraud
Real Estate has often been targeted for fraud. Issues that impact on residential sales including fraud arising from impersonation to cybercrime such as authorised push payment fraud. Issues affecting commercial property range from bribery, misrepresentation, money laundering with a variety of frauds such as off-plan investment schemes or sale and leaseback schemes. Understanding these risks and the responses needed is vital.
If you discover you are a victim of fraud in the property sector either as an individual, business or professional advisor, there are routes to recovery that can be explored.
Tenet is well placed to advise businesses and professional service providers in the sector on fraud prevention measures. Seeking specialist advice quickly is key to achieving a positive outcome. In addition to fraud prevention, Tenet has expertise in seeking recovery following a property fraud such as an authorised push payment fraud.
Individuals are being targeted in property transactions when transferring completion monies. We have successfully used our fraud expertise and sector specific knowledge to recover monies for our clients in these circumstances. Other areas of threat we have advised on is the creation of false property investment opportunities, occasionally linked to pensions leading to individuals being defrauded out of large sums.
We understand how distressing such fraud can be especially given the high amounts involved. Our aim is to guide clients through what can often be a complicated and daunting process with honest and practical advice.
Our team of experts have been recognised by RICS who have teamed up with us to prepare content for its members of various types of property fraud, how to prevent it and what to do if you discover it.