More than a third of letting agents in England have encountered attempted financial fraud in the past year, according to new research from The Letting Partnership. The survey of 560 agents found that 35% had experienced or identified a scam attempt linked to their lettings business.
The research also revealed that 36% of agents lacked complete confidence in their ability to identify a fraudulent or suspicious transaction before transferring client funds. Chris Mason, chief operating officer at The Letting Partnership, described this as "a real concern".
While phishing and impersonation of landlords or tenants were the most reported threats at 26%, AI-generated fraud, impersonation, or deepfake scams were encountered by 18% of agents. Agents identified AI-enabled fraud as their biggest future financial security concern, with 29% viewing it as the greatest threat.
The findings come as the government considers tighter regulation of property agents, including professional qualifications and licensing. The Letting Partnership suggests that stronger client accounting controls and payment verification procedures should be part of future regulation.