Young adults aged between 18 and 39 constitute a significant majority of rental fraud victims, accounting for approximately 73% of reported cases, according to crime data released by the Home Office. This statistic highlights the vulnerability of young people, particularly students and those seeking employment, as they actively search for rental properties during the bustling spring months.

The Home Office’s findings, drawn from the National Fraud Intelligence Bureau (NFIB), indicate that reported losses resulting from rental fraud reached almost £9 million last year, involving nearly 5,000 cases across England, Wales, and Northern Ireland. The data reveals that individuals aged 18 to 29 made up nearly half (48%) of reported rental fraud cases, while the age group between 30 and 39 accounted for an additional 25%.

Fraudsters typically exploit the housing market by marketing non-existent properties or ones that they are not authorised to rent. These scams often include appealing property listings with misleading details and enticing photos, usually at prices significantly below the market rate. In an effort to secure the rental or arrange a viewing, victims are often pressured to pay a deposit or the first month’s rent upfront, only to find that the fraudster has vanished with their money.

In light of these alarming statistics, ministers are urging potential renters to exercise caution, particularly advising against making hasty decisions or transferring money prior to an in-person viewing of the property.

Fraud Minister Lord Hanson commented on the rise of this crime, stating, “Rental fraud is an utterly shameful crime, and this new data should serve as a stark reminder that anyone can be a victim. It doesn’t matter how streetwise and tech-savvy you are; fraudsters will get to anyone who doesn’t stop and think before handing over their money.” He further emphasised the Government’s commitment to combating fraud through the next phase of their Stop! Think Fraud campaign and enhancing protections on platforms often used by fraudsters.

Additionally, Oliver Shaw, commander for fraud and cybercrime at the City of London Police, stressed the importance of vigilance, saying, “We continue to work to highlight emerging cybercrime and fraud types that could be a threat, understanding the importance of reporting, and advocating ways the public can prevent themselves from becoming victims of fraud.”

As part of a wider effort to address online scams, the National Cyber Security Centre (NCSC), a branch of GCHQ, has also launched the second phase of a campaign promoting the use of two-step verification (2SV) for added security on vital online accounts. NCSC chief operating officer Felicity Oswald remarked, “Online fraudsters are constantly finding new ways to trick you into sharing personal information or money, but thankfully, there are ways to protect yourself.”

This campaign is aimed at not only individuals but also small businesses, reinforcing that adding an extra layer of protection can significantly enhance account security, making it more challenging for criminals, even if they manage to compromise passwords.

Source: Noah Wire Services