The home buying and selling process will always be a lucrative prize for fraudsters because their pay out is huge.
It seems to be a frequent occurrence in the news that a fraudster has made off with a buyer’s money, with a recent example of two homeowners picking up the pieces after losing £800,000 following a fraudster securing a mortgage against their home.
At a recent roundtable hosted by Today’s Conveyancer on the Digital ID Trust Framework, discussions turned to the impact the standard could have on fraudsters.
Tom Lyes, Director of Engagement at Today’s Conveyancer, led the discussion with:
- Stuart Young, Managing Director Etive Technologies
- Hannah Rutter, Deputy Director, Digital Identity at Department for Digital, Culture, Media and Sport (DCMS)
- Stephen Ward, Director of Strategy at the Council for Licensed Conveyancers
- Glynis Frew, CEO Hunters Estate Agents
- Matt Prior, Home Buying and Selling Group Policy Lead, Ministry of Housing Communities and Local Government (MHCLG)
- Michael Abraham, Product Manager at HM Land Registry
Although nobody could predict what fraudsters would look like, it was discussed how their behaviours would change as they adapted to the new changes that the Digital Identity group were looking to implement.
The coronavirus pandemic has accelerated the projects which have seen technology adopted to help make processes more efficient. However, with these new ways of working comes the added complexity of ensuring there are no weak links for fraudsters to exploit.
Previously, Mike Harlow, General Counsel, Deputy Chief Executive and Deputy Chief Land Registrar from HM Land Registry shared how he believed that their Digital ID Standard was a positive catalytic change to the sector, and with more and more technologies being considered, it will be interesting to see how fraudsters change their behaviours.
To see the full roundtable video click here.
How do you think a fraudster behaviour will change over the next decade?
