Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
AI named biggest fraud threat to client money
A growing number of letting agents lack full confidence in their client money safeguards, with AI identified as the biggest threat, according to Letting Agent Today.
Research by The Letting Partnership found that more than a third (36%) of letting agents are not completely confident that their business could identify a fraudulent or suspicious client money transaction before funds are transferred.
The findings point to a gap in fraud detection confidence across the private rental sector, at a time when AI is seen as a major fraud threat.
For letting agents and inventory clerks handling client money, the research underlines the importance of transaction checks before funds move.
Source: Letting Agent Today