Compliance and anti-fraud experts SmartSearch have called for urgent reforms to the probate system following revelations that fraudsters are using public death records and the Bona Vacantia register to unlawfully claim unclaimed estates.
The appeal comes after a BBC News investigation uncovered how criminals had exploited the probate process by posing as rightful heirs to inherit assets.
In response, the Government has temporarily taken down the unclaimed estates list from its official website.
A message now reads: “The information on this page has been removed because it was published in error. We have temporarily removed the unclaimed estates list from our website.”
Collette Smith, chief customer officer at SmartSearch, said: “The investigation by BBC News has highlighted the ease with which probate fraud can take place – in this case, criminals are exploiting death records to steal unclaimed estates.
“It’s disappointing to see how easily the Bona Vacantia register (aka unclaimed estates list) is used by fraudsters to claim estates.
“The evident apathy from police and probate services means these cases aren’t investigated for what they are; financial crime.”
Smith added that the system’s vulnerability not only allows fraudulent asset claims, but also results in lost tax revenue.
“Not only do criminals receive assets they’re not entitled to, but they also avoid inheritance tax that would be due. All because of a faulty system based on trust,” she said. “Digitising the system has exposed weakness, however fraudulent activity like this could so easily be detected with a smart system.
“There should be more regulation and a more thorough requirement to verify the identities, addresses and legitimacy of any individuals claiming the inheritance.
“Yet another example of the impact of undetected financial crime.”
SmartSearch is calling for a modernised system with enhanced verification processes to ensure claims are legitimate and prevent criminals from exploiting probate loopholes.
