The Analysis News & Opinions
Property firms warned of fraud
With the country under nationwide lockdown, John Dobson chief executive of SmartSearch has insisted that businesses in the property sector need to be aware of the increased threat of fraud, and switching to electronic verification is the best protection against criminal activity, as well as being Covid-secure. He said: “Although in some ways it feels a
lot like March 2020 all over again, there are some significant differences this time around. Not least, businesses have much more idea of what to expect and how to deal with operating in a lockdown scenario. And, crucially, sectors such as the property market will still be able to function. “However, the order from the government
to return to working from home means once again those regulated businesses that require ID verification for customer onboarding processes, will be vulnerable to money laundering and attempts at financial fraud. “The big shift we expect to see is many
more businesses in that sector looking to electronic verification to onboard customers more securely. Not only is it more secure and quicker, it is also Covid-safe as it is all done digitally. “The technology is available to make a
remote ID check for an individual online in less than two seconds, and a check for business in less than three minutes, with bank account checks, facial recognition and document verification to deliver additional layers of security for clients that are seriously risk averse. These are browser-based systems that can be up and running within 24 hours. “It looks as if these restrictions will be in
place for several months, so businesses need to have the systems in place to ensure they are compliant with Know Your Customer and Know Your Business legislation. “A lot of firms were targeted last year and
fell victim to fraudsters because ID verification processes were manual and outdated. “This time around there is no excuse for
leaving gaps in security open for exploitation by criminals, with electronic verification as the only viable alternative today.”
January 2021 John Dobson Meanwhile, research has shown that two-
thirds of the population do not trust that they are 100% safe to conduct all their banking needs online. Banks’ own systems are extremely difficult
for fraudsters to attack, but with a greater number of people now using online banking, criminals have turned to acquiring information directly from online banking customers. As a result of this, SmartSearch has launched its Trust Barometer to explore public sentiment and trust towards online banking. Trust is a huge factor in consumer decision
making, with 93% of people saying online reviews impact buying decisions. The Trust Barometer considers every tweet from the past 30 days that mentions a bank’s Twitter handle, analysing the strength of sentiment towards the bank. This then gives an overall visual representation of opinion. The live tool shows that at present,
Natwest Group has the worst ratio of negative to positive tweets out of any UK high street or challenger bank, with 59% of tweets to their account being negative. Conversely, digital-only challengers,
Atom, Starling, and Monzo have strong positive sentiment when compared with high street banks. Mr Dobson added: “This year forced
many of us to adapt to digital or automated services, but it seems consumer trust is lagging behind.”
www.CCRMagazine.com
Despite the announcement of a new national lockdown across England and Scotland, this is a somewhat different situation in that the housing and mortgage market does remain open for business, and providing all necessary precautions are followed, the market will be able to function as normal. This is clearly good news, not just for
those who are already within the mortgage or purchase process, but those who still want to buy or remortgage throughout the months and weeks ahead. Mortgage advisers, lenders, and all other
stakeholders have effectively been working under these conditions since the middle of last May, and the market has been able to function effectively since then, helping hundreds of thousands secure the finance they need. Looking forward, that will not change,
and there is further good news in terms of the availability of mortgage products right across the piece, and the appetite of lenders to support borrowers whether they are first- time buyers, the self-employed, those with complex income needs, later life customers, landlords, and many more. For all, the advice remains the same – take
your wants, needs and financial situation to a professional mortgage adviser and let them walk you through the array of options available to you; by doing this you will be accessing the entire market, and be able to secure the best possible mortgage while also getting all the protections that advice affords you. The market is open for business and is here to help every single borrower.
Rob Griffiths Director, Mortgage Market Alliance
Opinion
The impact of lockdown on the property market
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