Mortgage fraud to continue?

Posted: 10 Aug 2010 08:58:22 GMT

If property prices remain depressed mortgage fraud is likely to continue, one expert has suggested.

Spokesman for Equifax Neil Munroe said more deception cases will reach court, although it is difficult to say at what rate levels will swell.

"There is certainly more being done than there was. In terms of identifying it, there is obviously a greater willingness now with the regulation being where it is," he added.

Mr Munroe noted levels of deceit will probably be reduced as there are now improved ways of detecting it.

He observed there is legislation in place which makes it a criminal act to commit fraud and more people are now willing to prosecute those caught doing it.

Mr Munroe explained there will be more incidents to come though, as there is usually a time lag between the discovery and prosecution of such fraud.

The specialist's comments follow the release of a report by KPMG's Fraud Barometer, which revealed mortgage scams have almost quadrupled in value during the first half of this year.
 

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