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

Guy Fawkes Night set to fizzle out for UK households

Firework Night set to fizzle out as 97% of UK households won’t buy fireworks and 7 in 10 want to see them banned As many as 97% of UK households won’t be buying fireworks to set off at home this Bonfire Night, while more than seven in 10 believe private fireworks displays in residential gardens…
Read More →
Breaking News

Budget tax raid could hit landlords for £3,500 a year

Budget tax raid could cost landlords almost £3,500 a year as property income tax rises Landlords could face almost £500 in additional annual tax per property, rising to nearly £3,500 across an average portfolio, following the Autumn Budget decision to double the previously planned increase in property income tax rates from April 2027. New analysis…
Read More →
Estate Agent Talk

Upfront information: homebuyers want confidence as much as speed

What movers want from upfront information, and it isn’t only speed Having a survey, legal pack and chain details before making an offer would help more than eight in ten respondents, according to LRG’s latest sales report Of the 553 who answered the question, 41% said they would offer with more confidence, although not necessarily…
Read More →
Estate Agents should not all look the same
Estate Agent Talk

How Financial Anxiety Drains Entrepreneurial Energy

Financial anxiety can consume the attention and stamina that business owners need for planning, problem-solving and leading a team. A late payment, an unexpected tax bill or a weak sales month may trigger worry long after working hours have ended. Over time, that mental strain affects sleep, concentration and confidence. The answer starts with creating…
Read More →
Letting Agent Talk

How to future-proof a rental property for changing tenant expectations

Over the past decade or so, tenants have become far more discerning. For more and more people, renting is a long-term prospect and today’s tenants expect their homes to be as safe and comfortable as any home they would own themselves. And as legislation around standards and health and safety in the private rented sector…
Read More →
Breaking News

More than a third of homes undergo price reduction

The latest research from GetAgent.co.uk has revealed that more than a third (34.4%) of homes sold subject to contract (SSTC) across Britain’s major cities have undergone an asking price reduction, with this figure climbing to more than half in Bournemouth, raising questions over whether sellers, and their agents, are pricing their properties realistically when first…
Read More →