System doesn't seem very secure, but it relies on thiefs being lazy. If this happens 10 times a year, it's couple million pounds - much less than the cost of se

System doesn't seem very secure, but it relies on thiefs being lazy. If this happens 10 times a year, it's couple million pounds - much less than the cost of setting up a more secure (and thus more inconvenient) system. Just like credit card payments are very insecure, but they just charge some extra % in transaction fees to cover the losses. PS later it mentions that Land Registry pays out $3.5m/year compensating fraud victims, so my estimate wasn't too far off)