The UK Government expected to invest ￡12 million in I-PRAC to enhance the hospitality sector's standards and prevent fraud.

The UK Government is expected to extend its support to I-PRAC, with plans to commence specific initiatives in January 2024, coupled with a potential government investment of 12 Million pounds. Due to the absence of any significant entry barriers, rental fraud has been on the increase. As a viable solution, I-PRAC has garnered the UK Government's endorsement.

The UK government is backing accreditation for several reasons, including:

1. Ensuring Quality: Accreditation is a way to ensure that educational institutions and programs meet certain quality standards. By supporting accreditation, the UK government can help ensure that students receive a high-quality education that prepares them for the workforce and for further study.
2. International Recognition: Accreditation is often a requirement for international recognition of qualifications. By supporting accreditation, the UK government can help ensure that UK degrees and qualifications are recognized around the world, which can be particularly important for students seeking to work or study overseas.
3. Protecting Students: Accreditation can also help protect students by ensuring that institutions and programs meet certain standards of quality and accountability. By supporting accreditation, the UK government can help prevent fraud and protect students from unscrupulous institutions or programs.
4. Promoting Accountability: Accreditation can also promote accountability by requiring institutions and programs to meet certain standards and demonstrate their effectiveness. By supporting accreditation, the UK government can help ensure that educational institutions and programs are accountable to their students, their communities, and the wider public.

The UK government backs accreditation as a way to ensure quality, promote accountability, protect students, and help UK degrees and qualifications gain international recognition.

Fraud within short term rentals is a problem for several reasons:

1. Financial loss: Fraudulent activities within short term rentals can cause significant financial losses to both hosts and guests. Hosts can lose money from fake bookings or fraudulent chargebacks, while guests can fall victim to fake listings and lose their money.
2. Safety concerns: Fraudulent hosts may not adhere to safety standards and regulations, putting guests at risk. For example, hosts may not properly clean the property or provide working smoke detectors, fire extinguishers, and emergency exit plans.
3. Damage to reputation: Fraudulent activity within short term rentals can damage the reputation of the platform and discourage people from using it. If guests feel unsafe or are victims of fraudulent activity, they may share their negative experiences with others and discourage them from using the platform.
4. Legal consequences: Fraudulent activities within short term rentals may violate local laws and regulations, leading to legal consequences for both hosts and guests. For example, hosts may face fines or penalties for violating zoning laws, while guests may face charges for illegal activities that occur on the property.

Fraud within short term rentals is a serious problem that can result in significant financial loss, safety concerns, damage to reputation, and legal consequences. It is important for hosts, guests, and platforms to take measures to prevent and detect fraudulent activity.

WHY IS I-PRAC THE NUMBER 1 ACCREDITATION SOLUTION

I-PRAC (International Property Rental Approval Certification) is a certification scheme that aims to protect consumers from rental fraud by verifying the legitimacy of property rental businesses. Here are some reasons why I-PRAC can be considered a solution to rental fraud:

1. Verification process: I-PRAC has a rigorous verification process that ensures that the rental property owners and managers are legitimate. They verify the company's registration, financial status, and legal compliance. This process helps to reduce the risk of fraud and ensures that renters can trust the rental property owners.
2. Financial protection: I-PRAC provides financial protection to renters. Renters can make payments through I-PRAC's secure payment system, which ensures that their money is safe until they arrive at the rental property. If there are any issues with the rental property, I-PRAC can help to resolve the dispute and provide financial compensation to the renter.
3. Trust and transparency: I-PRAC provides a level of trust and transparency that is lacking in the rental industry. With I-PRAC certification , rental property owners can demonstrate their legitimacy, and renters can verify the authenticity of the rental property before making a booking.
4. Peace of mind: With I-PRAC, renters can have peace of mind knowing that they are renting from a legitimate property rental business. I-PRAC's certification provides reassurance to renters that they will not fall victim to rental fraud.

In conclusion, I-PRAC is a solution to rental fraud because it provides a rigorous verification process, financial protection, trust and transparency, and peace of mind to renters. By ensuring that rental property owners are legitimate, I-PRAC helps to reduce the risk of rental fraud and protects renters from financial losses.

UK Government backing is expected to start in January 2024 when specific initiatives will be launched