Cyber-crime refers to any criminal activity carried out online, typically aimed at gaining access to your personal information for financial gain. Common examples include:
• Receiving phishing emails or texts that trick you into revealing passwords, PINs, or credit card details, allowing criminals to make unauthorized purchases.
• Having your device hacked, which can lead to identity theft and enable criminals to open bank accounts or credit cards in your name.
• Malware targeting your computer, providing remote access to sensitive information stored on it.
For landlords, one of the greatest risks posed by cyber-crime is identity theft. If a criminal steals your identity, they could potentially remortgage or sell your property without your knowledge. While this may seem unlikely, it has happened—such as in the case of Reverend Mike Hall, whose stolen identity was used to sell his property, with the thief pocketing the proceeds.
Another significant risk is the interception and diversion of large sums of money, such as deposit funds or proceeds from a property sale. This could occur due to hacking or receiving false account details from someone posing as the recipient.
As landlords increasingly rely on online technology to manage their businesses, the opportunities for cyber-criminals expand. It’s more critical than ever to safeguard your online privacy and security.
7 ways to protect yourself as a landlord against cyber-crime:
• Sign up for the Land Registry’s Property Alert service: This service will notify you via email if someone attempts to change the register of your property.
• Double-check account details for fund transfers: Always verify account details directly with the person or institution. Don’t rely solely on information provided over the phone or via email.
• Place a restriction on the property’s title: This ensures that a sale or mortgage cannot be registered without a conveyancer confirming that the person transferring or mortgaging the property is the legitimate owner.
• Redirect personal mail: Ensure your personal mail is sent to your primary residence or business address, rather than your rental property, where tenants or others could access your information.
• Install firewalls and up-to-date antivirus software on all devices to block unauthorized access.
• Avoid accessing personal information over public WiFi networks: Ideally, use a Virtual Private Network (VPN), both at home and in other locations. This encrypts your internet traffic, making it difficult for hackers to intercept sensitive information.
• Use multi-factor authentication for critical systems and accounts. This requires not only a password but also a second verification layer, such as a code sent via text message or through an authentication app.
If you use an agent to manage your properties, always check what precautions they have in place. At Leaders, we have a dedicated cybersecurity within our landlord services team with robust technologies, processes, and controls in place to protect any data we hold.
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