It has been reported recently that a rising number of people are falling victim to a property fraud scam known as ‘Friday Afternoon Fraud’.
Fraudsters are targeting large sums of money being moved for property sales or purchases by hacking email addresses of sellers, buyers or Solicitors and sending false bank details across for transfers to be made to. This tends to occur on a Friday afternoon, as this is when many people typically complete on their house move and also it means that the victims do not tend to discover the fraud until the following Monday, by which point the scammers have moved the money several times and hidden their tracks!
Cybersecurity experts say that these scammers have become very sophisticated in these attacks. They are able to scan multiple email addresses for key words such as ‘conveyancing’ or ‘house purchase’ to narrow down their targets. They will then pose as a party or representative to the transaction using a replica or very similar email address, asking to use their new bank details.
Don’t let scammers spoil your dream home purchase! Stay vigilant and use known professionals.
Use Trusted and Regulated Solicitors
The shift towards online conveyancing, invariably due to the unrealistic pricing, has unfortunately led to a rise in property fraud and payment diversion.
When you use a high-street Solicitor, you tend to build a relationship over the phone and email communication throughout the transaction. Therefore it is far more likely that your conveyancer would spot a red flag to suggest something wasn’t isn’t quite right.
Law firms that are audited and regulated by the Solicitors Regulatory Authority (SRA) have constant training and stringent procedures in place to identify and stop fraudulent transactions.
It always provides peace of mind to buyers or sellers and their representation, when you use a firm that has a physical office and if local to you, you can go in and meet someone face-to-face. People have become very comfortable dealing with professionals online or via email since the pandemic, and working from home has become the norm. When in doubt, it helps to know that you can physically visit your Solicitor.
One of the reasons that a Solicitor will ask for several different identification checks prior to working on your sale or purchase is because of high levels of security checks they need to make due to property fraud being rife.
What to do if You Are Concerned
If you have any worries about the movement of money, you should contact your bank and speak to your solicitor immediately.
Use telephone numbers from letter headed paper or their website rather than any numbers you have been sent via email – just in case there has been an email interception.
Law firms will very rarely change their bank details. Never send a payment without confirming their bank details first and be extra vigilant if you receive an email asking you to send money to a different bank account, even if it is with the same bank or sounds legitimate.
How to Protect Yourself
Given the rise in online scams, fraud and the amount of Police resource being expended in this area, there are a few ways that you can protect yourself and your email account from being impersonated.
- Make sure you use a strong password on your personal email accounts
- Use a password that is different from other accounts you use
- Make sure your computer or phone has the latest software and virus protection
- Use two factor verification on your accounts
- Do not login to your emails on a shared computer or unsecure network
- Be aware of any phishing emails, dodgy links and attachments
- Be vigilant online – do not use websites that you are not comfortable with
- Never give your bank details out over email
- Do not share your email address or stay logged into several devices
Get In Touch
If you have concerns about property fraud or are looking to move house and need an estimate, then Lamb Brooks Solicitors would be happy to help.
You can call our trusted Property Law Team on 01256 844888, email enquiries@lambbrooks.com, speak to our online chat assistant – who is a real person, not a robot! Or alternatively, you can come in and see someone for some reassurance. We have client parking at our Town Centre offices in Basingstoke for your convenience.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.