Conveyancing fraud.

January 12, 2016

According to an article appearing on AOL online yesterday, it was reported that scammers have been committing  conveyancing fraud by intercepting solictors emails, swindling 91 people over the last 12 months according to the National Fraud Intelligence Bureau.

These fraudsters have diverted more than £10 million in funds directly to themselves in the last year by hacking into purchasers emails, this fraud is believed to be carried out by gangs operating overseas.

The scam is carried out by the fraudsters hacking into the email communications between the parties involved in the conveyancing of the property, on the day of the exchange they email the buyer as if they were the solicitor  informing them of a change of bank details, all appears very genuine but the money does not arrive at the solicitors bank  to complete the purchase, it has infact been stolen by the fraudsters.

Paul Philip, Chief Executive of The Solicitors Regulation Authority reportedly said,

“Law firm client accounts are being targeted and solicitors and their clients are suffering disruption and potential loss. It is essential that firms understand the risks and take precautions to avoid falling victim to these attacks.

“This is an issue that is not going away. This is obvious not just from the reports we are receiving direct from law firms and members of the public, but also in our discussions with local law societies.”

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

How to market to Estate Agents UK

The UK’s property sales and letting industry is quite sizable in both volume of work and those employed within. Some 25 million dwellings in England alone exist and there were estimated to be approximately 55,500 estate agents working in the United Kingdom as of the second quarter of 2024. Up and down the country, in…
Read More →
Letting Agent Talk

Preventative Measures to Reduce the Risk of Emergencies in a Rental Home

Ensuring that a rental home is safe and well-maintained is essential for both landlords and tenants. Emergencies in a rental property can lead to significant stress, financial loss, and potential damage. However, by implementing preventative measures, landlords and tenants alike can reduce the risk of emergencies and create a safer living environment. This guide provides…
Read More →
Estate Agent Talk

Understanding the Metrics Used by Estate Agents to Determine Your Home’s Worth

Determining the value of a property can sometimes feel like a complex process shrouded in mystery. However, understanding the various metrics and considerations that estate agents use to assess your home’s worth can demystify the process and empower you as a homeowner. This blog will provide a comprehensive guide to the key factors estate agents…
Read More →
Breaking News

Breaking Property News 15/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Digital transformation of real estate drives profitability Press Release – London 14th November 2024 – Following the October budget, estate agents across the UK are seeking new ways to adapt to an evolving property market. Rising costs and shifting buyer expectations have driven a need…
Read More →
Estate Agent Talk

Labour’s Vision for Homeowners and Renters: Key Changes to Expect

The UK housing market continues to be a complex and often challenging landscape for both homeowners and renters. Labour’s vision for housing reform aims to address longstanding issues in affordability, security, and sustainability, setting out a series of policy proposals that could reshape the property market. Whether you are a homeowner, a renter, or an…
Read More →
Letting Agent Talk

The pros and cons of renting to students: is it the right choice for you?

Student properties are no different in term of quality and facilities than any other type of private rental. And although landlords may have to spend a fair amount on setting up and properly maintaining student lets, they can also charge a good market rent. To help you decide whether letting to students might be worthwhile…
Read More →