Younger renters are urged to 'Stop! Think Fraud' in the face of growing rental fraud

In the wake of the rental market undersupply issues, 18 to 39yrs are urged by the NFIB to 'Stop! Think Fraud' as we head into the Spring, which is historically the time when younger people start searching for new rental accommodation.

A report by the NFIB or National Fraud Intelligence Bureau shows that the 40yr and under generation account for 3/4 of rental fraud. Rental fraud can occur in numerous ways, but typically fraudsters will offer potential renters access to properties that either do not exist or they do not have the permission to rent out. The fraudsters will use fake details, demanding deposits and the rent, targeting those desperate to find a suitable property to live in. They will urge their targets to pay upfront money so as to not miss out on securing the property for themselves.

These types of activities amounted to just under £9m in 2024. Advice by the Home Office is to not be bullied into make quick decisions, and do not hand over money before viewing a property physically. Try to do some due diligence on the person offering the property for rental, are they a listed company, for example.

The Fraud Minister Lord Hanson stated "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. That’s why I am determined to root out fraud from our society, crack down on the callous criminals behind it, and ensure that stronger protections are put in place by the tech companies on whose platforms much of this fraud takes place. The Home Office will be making progress on all of those issues through the next phase of our Stop! Think Fraud campaign, and the new, expanded fraud strategy we are developing this year as part of this government’s Plan for Change."