The Chelsea Building Society, Britain’s largest, has drawn attention to the extent of mortgage frauds. It must be said that they are not the victim of all of them but across the UK they are estimated to amount to some 4 million pounds.
Some buy-to-let loans appear to be operated by professionals colluding to inflate the property values and, we are told, “losses emerged after a review of loans”.
KPMG, a large firm of accountants, has also warned about the rise in mortgage and property frauds and a rise in fraud against employers and against financial institutions.
There has never been a greater need for due diligence enquiries, of knowing with whom you are dealing, and of building security measures into your company operations to protect from insiders and outsiders.
Case Studies