Kent Buyers
and Sellers Warned about Conveyancing Scam
Devious fraudsters are hacking the emails of buyers
and sellers, sometimes with devastating consequences. A two-minute read.
Hackers
and cyber fraudsters went to town in the UK last year, swindling £1.3 billion
in just six months – a three-fold increase on the same period the previous
year.*
Gangs
used all sorts of underhand tactics to separate people from their cash, one of
the most ruthless being conveyancing fraud (also known as payment diversion
fraud or Friday fraud).
This
type of ruse is becoming increasingly common and, due to the large sums of
money involved, concerning. In one recent case, a homebuyer sent £640,000 to a
fraudster. (Imagine how devastating it would be to discover you’ve sent
your life savings to a heartless crook?)
What
is conveyancing fraud?
Scammers
hack into the accounts of buyers and sellers (and their relevant
conveyancing/legal representatives) and follow the correspondence. They wait
until the sale is nearing completion, then strike.
The
fraudsters send the buyer an email (usually it looks almost identical to the
conveyancer’s emails) asking them to deposit the funds in a different bank
account.
They
may also phone or text the buyer to hurry proceedings along (scammers often
strike on a Friday so that they have the weekend to cover their tracks and
avoid detection).
While
buyers are the key target in conveyancing fraud, the whole business is
unpleasant for all involved. If you’re a seller, you don’t want your property
sale to get bogged down in a messy fraud investigation.
How
to stay safe
- Read all correspondence carefully and look for
changes in tone, awkward grammar, a new phone number or name. - Be suspicious of any change in bank details. Call
(don’t use the number listed on the suspect email) to check the
authenticity of the message or pay a personal visit before you act. - Remember: a hacker’s emails can be persuasive
and feature the same logo, fonts, and layout as those of the legitimate
conveyancer. - Avoid reviewing emails using unprotected
public WiFi systems. - Don’t be afraid to push back if someone
pressures you to act quickly. - Work with an experienced estate agent who
understands the property process and is more likely to notice suspicious
activity. - Trust your instincts.
For
more tips on buying and selling property safely, contact us today. We can
also recommend good, local conveyancers.
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