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Property Tribes will be running "Property Fraud Awareness Week" 2017 - ALL NEXT WEEK!There has been a marked rise in property related fraud - “sellers” who do not own the property; bogus agents taking deposits for tenancies that do not exist and massive returns being offered for investments in property that will never yield any form of return.Anthony Gold Solicitors and Property Tribes have joined forces to promote public awareness of how to avoid becoming a victim of property-related fraud.Large areas of the property sector are entirely unregulated, and the high transactional nature attracts fraudsters and con-men, or those that believe they can offer a legitimate product or service, when in reality, they are unable to.This is a community-generated initiative to assist with creating awareness of fraudulent activities in property where people can potentially lose life-changing amounts of money, with very limited forms of redress."Property Fraud Awareness Week" will feature videos, articles and case histories on the Property Tribes website specially commissioned from Anthony Gold identifying how the scams work and what people can do to protect themselves from becoming a victim.Although the names change, the method remains the same. Understanding that method, how to undertake intense due diligence before parting with any money, and not falling for sophisticated marketing techniques is vital for people to avoid being defrauded.The week’s content is as follows:Monday - Welcome to Fraud Week - Psychology of scams - with David WedgwoodTuesday - Property investment and mentoring scams - with Clifford TibberWednesday - Rent to Rent scams - with David SmithThursday - Identity theft scams - with Beth HoldenFriday - Lettings agent scams - with David Smith.Nick Tadd, Co-founder of Property Tribes commented:“We are delighted to be working with Anthony Gold to create awareness of how property scams operate. Anthony Gold power our “Landlords in Distress” category, which is full of stories of people who have lost life-changing amounts of money to unscrupulous operators.Scammers use everything from very sophisticated marketing techniques to false social proof to part people from their money. Once the money has gone, there are limited forms of redress to get it back. Therefore, not parting with your money in the first place is vital to avoid the emotional pain and financial loss that conmen inflict.As with everything to do with the property sector, prevention is better than cure, so the week aims to create awareness of the methods of scammers, and how to avoid them. Social media is a key channel for promoting and amplifying scams, but, by the same token, it is also a great channel for exposing them, educating against them, warning others of danger, and creating a community due diligence resource.We welcome all shares of the week’s content and hope that the wider property community will help promote this initiative to make the property sector a safer place.”See - Spot the scam unfolding in real time!David Wedgwood who is Head of Commercial Litigation at Anthony Gold Solicitors said:“We are delighted to be working alongside Property Tribes to promote awareness of property fraud. We have gained considerable experience of these frauds by acting for victims over a number of years.The consequences of losing money in one of these scams can be both financially and emotionally devastating. We hope that by sharing our experience people will be encouraged to take great care when considering an investment that promises the impossible”.Property Tribes has been at the forefront of creating a safer sector and shining a light on fraudulent companies. Back in May 2009, we published How to avoid becoming property shark bait which has hopefully saved many people from financial loss. The PT community also supported Teresa Rolland against Glenn Armstrong, Teresa eventually winning two court cases against him and getting financial redress.PT was also the channel chosen by Thames Valley Serious Fraud Squad to disseminate information about Phil Martin, who is currently serving a 7 year jail sentence for property-related fraud.Most recently, the Property Tribes community was instrumental in securing refunds of £6K each for 36 dissatisifed mentees of Mark I'Anson. This platform has allowed many other stories of financial loss to be told, creating a due diligence resource for future investors.Despite this, many people continue to fall for marketing hype and think they can buy a ticket to see a Unicorn. That is why "Property Fraud Awareness Week" is much needed and we hope it will educate people to make wise choices of how they "invest" their money in the property sector, whether that be in deals, mentoring, training, or other money-making schemes.SEE ALSO - Trust - How easily we are fooled.UP NEXT - FCA reveals tactics of investment fraudsters DON'T MISS - How to protect yourself against property scamsNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Just wanted to add some current nefarious activities I am aware of and that will hopefully come to light when people have the courage to speak out and/or can provide the necessary documentary evidence and/or court and legal cases are completed:Someone selling "cut and shut" HMOs, who has already had a council prohibition order against him.People soliciting for JV money who walk away and leave the newbie high and dry when the profit disappears from the deal.A mentor selling HMOs with over-egged valuations and room rates.People who paid large upfront fees for an off-plan development that was never built and who now cannot get their money back.An elderly couple who have been milked of over £800K for a block of flats that they have yet to complete on, nearly three years later. They are paying the deal sourcer £6K a month to "manage" the flats until completion and his company is administratively delinquent.Three people - the ones I know about - who have lent a self-proclaimed property guru £190K, £100K, and £60K respectively and cannot get their money back, even having JV properties sold from beneath them without getting their loan or profit share back.Someone offering an "empty properties" scheme in Liverpool, taking large fees, but not delivering on any properties.I am of the opinion that what we see on this site is the tip of the iceberg!
Did you know ... ? A scam is attempted every six seconds in the UK and more than 5 million scams see ordinary people defrauded of over over £9billion every year.Join this petition to force the Government to take more action against scams and scammers.
general operations director, site owner and moderator - propertytribes.com
This speaks volumes about how gullible people can be.
Just giving this a bump as Property Fraud Awareness Week kicks off tomorrow.Our opening content is about how fraudsters get people to part with money, the warning signs to look out for, and how to avoid being stung.