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Valuers from throughout New Zealand have been targeted by fraudsters trying to misuse their documents to scam money from banks.
A survey by the Institute of Valuers has uncovered new cases in which fraudsters have targeted eight valuers in Auckland, Hastings and Invercargill. Up to 11 properties are
involved.
Earlier, valuers in Wellington, Christchurch, Napier and Nelson reported being targeted.
The institute conducted the urgent survey of its members after a number of cases came to light in which valuers' names and documents had been used to convince banks to lend money on over-inflated or fictitious property valuations.
Institute president Blue Hancock believed the response was the tip of the iceberg.
"I have a feeling there are a hell of a lot more out there," he said.
Hancock said the survey had not asked how much money was involved in the alleged scams, but he said it was relatively small amounts. One said a valuation had been altered by $20,000. He said there was a wide variation in the methods used in the attempted frauds.
"It's different in just about every case. Some are cutting and pasting and making new documents, while others are just altering figures."
He said the methods appeared to differ from those used in similar scams in Auckland, where entirely fictitious valuations had been uncovered. He did not believe it was the same people operating throughout the country.
Hancock said in the newly uncovered cases the affected valuers had contacted the police.
In the past few weeks, the Herald on Sunday has uncovered a number of alleged scams in Auckland involving the misuse of documents to convince banks to lend more money on properties than they normally would. Millions of dollars are believed to be involved.
Last month, the Real Estate Agents Licensing Board suspended five people, including three agents, and Auckland's biggest real estate agency, Barfoot & Thompson, announced it had sacked four salespeople for alleged misconduct.
The Serious Fraud Office is investigating alleged property valuation scams.
There has also been speculation that some valuers might be involved in scams, something which Hancock said could not be entirely discounted.
On the plus side, Hancock said since the alleged scams were uncovered people had become more vigilant.
He said banks and people in the real estate industry were checking valuers' details more thoroughly.
"Our website has gone ballistic. The hits are up four or five times what they were since this came to light. It's a really positive step."
He said the Institute was working on re-writing the 1948 Valuers Act, "mainly looking at the registration and disciplinary process", which he said needed tightening.
