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We must work together to wipe out mortgage fraud

The Association of Chief Police Officers’ report on mortgage fraud is a wake-up call for the industry.

In the face of similar challenges in the early 1990s, the credit card industry worked alongside the Home Office, im-plementing many of the recommendations made by its 1991 study into cheque and credit card fraud.

Five years after the study, losses on lost and stolen credit, debit and charge cards had dropped by more than 50%.

ACPO’s estimate that £700m a year is lost to mortgage fraud is worrying. Overvaluing property can cost lenders and borrowers considerable sums and undermines confidence in the industry.

Our recent research shows that 31% of lenders have seen an increase in negligence claims against surveyors. If confidence is to be restored, we must work together to combat the problem.

Paul WalsheHead of lender services
Moore Blatch
Southampton

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