Protecting against rise in advanced tenancy fraud

HomeLet Ai insurance image

Referencing provider, HomeLet, is currently identifying 150 cases of fraud every day, up from 110 a day in 2021 – representing a 36% increase in just over a year.

By incorporates ground-breaking artificial intelligence (AI) technology into its vigorous tenant checking process, the platform provides landlords and agents an extra layer of protection from tenancy fraud.

HomeLet checks applications against over 500 million data points, including the CIFAS database and their own unique default database, and completes a multitude of checks, including financial sanctions.

The system also checks every document received, whether a PDF, image or scanned copy, and continues to get smarter as it learns from every document it checks.

The multi-layered document analysis technology inspects the metadata and structure of documents to highlight uncommon changes and identify any changes in pixilation to detect forged images.

The innovative AI technology has helped to identify many fraudulent applications with an average rental value of £1,543 per month.

Head of Customer Operations, Rebecca Baker said: “Just last week, we stopped a case in Mayfair from getting through where the monthly rent was over £5,000. The fraudster had edited their documents to make it look like they were earning income from a legitimate source, but the source and transaction had been forged.

We’ve already saved landlords £1,564,429.98 in annual rents so far in 2023, this is a run rate of more than £19 million of annual rents, through our innovative fraud detection.”


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