Fraud is the most commonly experienced crime in the UK, and our increasing reliance on technology means that cyber scams are becoming ever more sophisticated.
In its most recent Fraudscape report, fraud-prevention service Cifas revealed that identity fraud cases made up 61% of the total cases recorded to the National Fraud Database. The 2020 report shows that over the past five years, identity fraud cases have risen by 32%.
Opportunities for scammers
Since then, under the cover of the Covid-19 pandemic, criminals have increasingly turned to online and technology-enabled scams to steal private information, such as financial data and personal details including passwords. Once the information is in the wrong hands, it can be used to commit different identity frauds.
In a booming rental market, where there’s unprecedented demand from tenants, it’s essential to know if an applicant’s information is genuine and that they have the means to pay the rent.
More expensive lets, with a higher rental yield, have the potential to attract professional criminals who may sub-let the property and default on payments. Renting also provides opportunities for amateur fraudsters trying to obtain a tenancy by falsifying their information.
While amateurs often make errors that will be obvious to agents, some documents - even when seen in person - are almost indistinguishable from the real thing. As scams become more elaborate, it can be difficult to spot fake id and forged documents.
Stay one step ahead
With many years of experience behind us, Rent4sure’s team of dedicated referencing specialists understand exactly what’s required so that agents stay one step ahead. Using a combination of smart solutions and traditional expertise, we’ve developed first rate products that add security and lock in protection to help customers avoid fraudulent applications getting through.
Stringent procedures are followed to make sure an applicant is genuine, and our range of referencing choices can work in tandem with each other to help ensure safer tenancies.
Open Banking has now been part of the financial landscape for more than three years and its reputation is firmly established. Providing a true snapshot of your applicant’s finances, it gives agents confidence to assess a tenant by using the most up-to-date facts. Quick, secure and convenient, Open Banking means there’s no need to obtain paperwork, such as payslips, bank statements and contracts.
Rent4sure’s Open Banking Reference has been designed specifically for our customers and gives agents a safe and easy way to assess accurate financial information. Detailed results, including Bank Account Verification and Monthly Income Breakdown, are returned swiftly and the facts interpreted for you in a comprehensive, easy to understand Final Report.
Rigorous and in-depth searching Know Your Customer delivers a key insight into prospective tenants, using the latest technology to provide an authoritative profile of applicants that conforms to regulations.
Taking the most up-to-date accessible information from multiple sources, the check proves an applicant’s identity and residency and confirms that they are not a high-risk individual or involved in any fraudulent activity.
Rent4sure’s MRZ Analysis means you no longer have to rely on trying to identify genuine travel documents by eye. Our MRZ Analysis tool provides additional security by analysing the code on a passport or visa to determine if it’s been tampered with.
An informed decision You’ll know if any red flags come up in the checks when you reference with Rent4sure. Our Final Reports provide an executive summary with all the detail to back it up, giving you the complete picture to help you make an informed decision. We also provide GDPR compliant summary reports which you can offer to your landlords, showing that you’ve taken all reasonable steps to verify the applicant’s identity.
Using a trusted supplier like Rent4sure allows you to win more instructions by demonstrating your professionalism and care, proving that you’re conducting your reference with due diligence and doing everything you can to avoid fraudulent applications.
To find out more about how Rent4sure can add security and confidence to your business, or to request a one-to one system demo, call today on 0330 088 3774 or click here.