Rental fraud booms as housing market hots up

Thousands of tenants have been scammed out of deposits for non-existent rental properties by fraudsters exploiting the booming housing market. More than 5,000 people were victims of rental fraud between November 2020 and December 2021, according to Action Fraud. Reports of the scam, where fraudsters posing as fake landlords or agents lure tenants into paying a “deposit” for a fake letting, rose by 11% compared to the previous year. On average victims lost around £1,500 to rental fraud. Experts and banks warned rental fraud was a growing trend, with more victims reporting incidences of the crime to Action Fraud than phone fraud or Ponzi schemes. Young people were most susceptible, with three quarters of victims aged between 20 to 39 years old, according to analysis by consumer website Which?.

The Daily Telegraph