#ICYMI

Just In case you missed it Lloyd’s bank recently published an article warning of a worrying rise in conveyancing fraud which has seen the threat increase by 29% over the last year.
Conveyancing scams typically happen when with the solicitor or homebuyer has their email account hacked. Sometimes the fraudster can send emails directly from the solicitor’s email account but usually they will create a spoof email address which looks very similar. Because they have seen the genuine chain, the emails they send will look extremely convincing, using the same name, logos and signatures. In some cases, the fraudsters may call the victim to impersonate someone working at the solicitors, to reinforce the urgency of making the payment.
The homebuyer is then tricked into sending their money to a bank account controlled by the criminals.
How to protect yourself: -

• Always check with your Solicitor first!

Your solicitor is there to guide you through the process, to ensure you’re paying the right account always confirm payment instructions with your solicitor in person or over the phone using a phone number you trust!

• Be suspicious of changed account details

Be wary of changes- solicitors very rarely change their bank account details so be extremely wary of any sudden changes.

• Keep things hush hush

Don’t shout about your property purchase on social media, at least until you’ve got those keys in your hand! Criminals monitor posts and will target email accounts of those who look to be in the process of buying a new home.

• Don’t Give In!

Don’t be let yourself become pressurised into doing something- fraudsters will try and put pressure on you to make payment at short notice or risk the deal falling through. Never send money until you have picked up the phone and spoken to a solicitor on a trusted number.

• The error message is your friend

When making a payment your banking provider will run a near seamless check to ensure to get the funds to the right person! However, if you do enter the wrong details or worse details passed on to you as part of a scam, your bank will provide you with a warning message if things don’t quite add up your bank might provide a warning about the payment especially if the name on the account you’ve entered doesn’t exactly match the details of the receiving account. To stay safe always take the banks advice with a payment.