The surge in home sales sparked by the Stamp Duty holiday has left the door “wide open” to criminals, says a leading conveyancing firm.

Colum Smith, Chief Vision Officer for conveyancing giants Taylor Rose MW, fears the rise in transactions could spark a flood of new scams in the sector.

He said: “There’s no doubt that push-pull scams, where homeowners are conned into sending money to fake bank accounts, is increasing.

“We are hearing about more and more cases – along with email scams and ID thefts as well.

“Make no mistake this has skyrocketed during the pandemic.

“Covid has created a playground for fraudsters and, sadly, rising numbers of  innocent people moving home are falling for these wicked deceptions that literally destroy lives.

“This huge and sudden surge in house sales only makes the problem worse and will leave the door wide open for criminals.

“Homeowners need to be on red alert to the risks.

Smith’s warning comes as lender Santander told how it had seen a 47pc rise in this type of fraud in 2020, compared with the previous year, with £18m lost.

On the same subject, Tenet Compliance & Litigation has been appointed by RICS to write content for their isurv online library covering a range of subjects about property fraud in the commercial property sector including issues of bribery, employee fraud, AML, tax evasion, cybercrime, vendor fraud and misrepresentation claims.

The company, which is a specialist law firm, providing advice on financial crime compliance and responding to fraud for our clients across the UK and overseas, says that the pandemic is providing opportunities for an increase in the risk of property-related crime.

Tenet says:

Fraud and cybercrime has spiralled as a result of the majority of us being forced into online working and socialising.

Looking ahead at 2021, we are still in the midst of the COVID-19 pandemic with many suffering significant financial strain. This can, in some cases, lead to desperation and as a result, wrongdoing.

In terms of the property sector the impact of this may be felt by an increase in mortgage fraud, fraudulent insurance claims and property investment scams as fraudsters seek to take advantage of those wanting to reverse losses or those attracted to longer term investments as a result of the current economic uncertainty.

Increased online activity and a reduction in face-to-face meetings increases the risk of identity fraud which is one of the biggest fraud risks to property transactions. Increased vigilance and greater use of technology will assist in reducing this risk, but the industry will always be required to stay one step ahead of the fraudsters.

Another impact of the pandemic, and a direct result of the national lockdown, is the increased number of vacant properties.

Such properties are at an increased risk from title fraud where fraudsters seek to gain ownership of a property by submitting fake or forged documents to the Land Registry.

Ensuring contact details are up to date with the Land Registry, applying for a restriction on the title or signing up to the Land Registry’s property alert are all ways to combat such risk.