Criminals are actively targeting property home movers, to trick people into transferring over their deposit funds and the balance of monies to them.
The Law Society of England and Wales, the National Economic Crime Centre (NECC) within the National Crime Agency, and Action Fraud are warning home buyers about a rising threat: payment diversion fraud.
Criminals are increasingly targeting property transactions, posing as a buyer’s solicitor to trick them into sending their deposit or completion funds to a fraudulent bank account. Law Society president I. Stephanie Boyce explains that these scams often involve criminals “pretending to be the victim’s lawyer to con them into diverting their payment.”
These scams can involve life‑changing sums and leave buyers facing devastating financial loss. Jon Shilland, fraud threat lead at the NECC, stresses that “payment diversion fraud is increasing,” with home buyers now prime targets because of the large payments involved.
His advice is clear: treat any change in payment details or new instructions with extreme caution.
Both solicitors and clients have a vital role in making these crimes harder to commit - and protecting funds at the most critical stage of a purchase.
Don't be a victim of Deposit Fraud
Let's look at how to protect yourself from becoming a victim of conveyancing fraud.
If you have had dealings with Ocean Property Lawyers or Ocean Lettings accounts team by email you may have noticed this permanent message within their signatures -
Please note that conveyancing transactions carry a significant risk of cyber fraud and we take this very seriously indeed. A common fraud involves incorrect bank details being emailed to clients.
We will never change our bank details via email. For your protection, we ask you please to ring us to check our account details before sending us money.
Property transactions carry significant risk of cyber fraud. A common fraud involves incorrect bank details being emailed to clients. We will never change our bank details via email.
For your protection please ensure you call Ocean Lettings and Management / Ocean Property Lawyers to confirm account details prior to transferring monies. We cannot accept responsibility if monies are transferred to an incorrect account.
If you suspect you have been the victim of conveyancing fraud you should immediately - contact your bank to advise them of the fraudulent activity, asking them to contact the receiving bank to freeze the funds. Alert your lawyer; it may be that they are being targeted by criminals, who may pose a risk to other customers. Contact Action Fraud; report suspected fraud to Action Fraud through - click here actionfraud.police.uk - reporting-fraud-and-cyber-crime or by calling 0300 123 2040
If you would like to discuss any aspect of this subject do not hesitate to contact us, we will be happy to help.