Mortgage fraud in the UK is likely going largely undetected, despite a rising risk, Thirdfort has found.
A Freedom of Information (FOI) request made by Thirdfort to the Financial Conduct Authority (FCA) showed there have been only 17 enforcement investigations into mortgage fraud since 2018.
The data showed investigations peaked in 2019 with five cases, while 2022 to 2024 saw three to four cases each year.
There were no investigations in 2020 or 2021.
Industry data suggested mortgage fraud remains widespread and under-reported, with many cases likely slipping through the net.
Olly Thornton-Berry, co-founder and CEO at Thirdfort, said: “These figures suggest that the number of mortgage fraud investigations is relatively low, but of course that’s not the full picture.
“In the UK, in addition to the FCA, the Serious Fraud Office, local police forces, and the National Crime Agency all play a role in investigating cases involving suspected mortgage fraud.
“Moreover, with fraudsters becoming more sophisticated, and industry data telling a different story, it’s likely that there’s a significant amount of fraudulent activity going undetected.”
