Despite the overwhelming majority of applications being above board, the rise in fraud over the last year highlights the need for robust safeguards against rental market manipulation.
Nimesh Parekh, Head of Referencing at Goodlord, comments: “Fraud can come in many forms. In some instances, tenants who are desperate to secure a property think bumping up their salary will help seal the deal.
“Given the current pressures on the housing market, it’s understandable as to why we’re seeing a rise in this type of fraud. However, this is inadvisable as you could end up on the National Fraud Database, impacting future job prospects and other life events such as securing loans.
“And, of course, there is also a much darker side to fraud, such as criminals using false IDs to secure properties, or people who are looking to sign tenancies using forged documents.
“As the tools used to commit fraud grow more sophisticated and personal information is increasingly digitised, it’s vital that landlords and agents can access the cutting-edge technology designed to fight back – ones that can protect them and ensure they can let their properties out in good faith.“
Goodlord says referencing teams are being trained to spot the inconsistencies which give away fraudulent applications in the face of increasingly inventive tricks.