Digital thefts of physical assets

It seems hard to imagine that someone can steal your home but it can happen. With everything becoming digital these days proof of ownership is key. In the UK proof of ownership of a property resides with the Land Registry. It maintains a database of all registered properties within the UK along with the names and contact details of their owners.

A criminal using identity theft can assume the identity of a legitimate owner of a property and then either instruct a solicitor to sell it or a lettings agent to rent it out with the proceeds of the sale or rental agreement going to an account set up in the name of the stolen identity. These types of thefts are often targeted at unmortgaged, rented, or unoccupied properties.

To combat this type of fraud property owners can set up an alert for any properties they own with the Land Registry’s free Property Alert service here: https://www.gov.uk/guidance/property-alert

After your home your next biggest asset is probably your car. In the UK proof of ownership is a combination of the V5C document combined with receipts from wherever you purchased the vehicle. Scammers target the V5C by attempting to get you to share a copy of it (for example in order to advertise it for sale online) or by applying for a copy reporting it lost or stolen after cloning your identity or intercepting your communications. You can reduce the chance of this from happening by keeping your V5C safe and secure and not sharing it with anyone. Also keep a copy of all receipts relating to the vehicle to support your proof of ownership.