2 days ago
- Business
- Business News Wales
Identity Fraud Surges Across UK Real Estate Sector
New research has revealed that 70% of real estate professionals have witnessed a rise in identity fraud in the past year, as businesses grapple with the growing threat of sophisticated digital deception.
Despite the surge, only 14% regularly escalate fraud cases to the authorities, raising concerns about accountability and enforcement.
The study of 250 UK-based real estate workers was conducted by Credas Technologies, which specialises in identity verification technology, and highlights a growing reliance on technology to fight back. Nearly two-thirds (65%) of real estate companies now detect fraud through digital or automated methods, signalling a strong shift towards tech-led defences.
More than half (52%) of respondents reported encountering fraudulent identity documents, with fraud cited as the most pressing concern in ID verification (34%), followed by customer experience (24%) and operational inefficiency (20%).
'Fraud is getting worse,' said Tim Barnett, CEO of Credas. 'But the good news is that technology is not just keeping pace, it's gaining ground. Digital ID verification is proving to be one of the most effective tools in detecting and preventing fraud, while also improving the experience for legitimate customers. The future of fraud prevention is automated, intelligent, and proactive.'
However, the report also reveals a troubling gap in response. While fraud is on the rise, 56% of real estate professionals rarely or never escalate cases to the authorities, suggesting a potential weakness in the broader fraud response ecosystem.
'As fraudsters grow more sophisticated, the message is clear,' Tim continued. 'The real estate industry must adopt more advanced techniques to stay ahead.'
