The Metropolitan Police have issued a warning that fraudsters are stealing the personal details of landlords whose properties are managed by letting agents.
The fraudsters then email other letting agents in a bid to con them into believing they own the property.
Through several emails, the fraudsters build up a relationship with the letting agency which, crucially, 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 and landlords are being urged to tighten their security.
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