In the UK, buying a property is one of the biggest financial decisions you’ll ever make. Unfortunately, this also makes it a prime target for sophisticated scams. Conveyancing fraud, particularly payment diversion fraud, is a growing problem that can lead to devastating financial losses. Being vigilant is your best defence.
The Dangers of Payment Diversion Fraud
This is the most common and dangerous type of conveyancing fraud. A criminal, often by hacking into an email account, sends you a message that looks like it’s from your conveyancer. The email will state that their bank details have changed and ask you to transfer your deposit or purchase money to a “new” account. This is a scam. Once you send the money, it is quickly moved to a different account and is almost impossible to recover.
How to spot it:
- Sudden change in bank details: A reputable firm will rarely, if ever, change their bank details mid-transaction. Any email that claims they have should be treated with extreme suspicion.
- Urgent and pressuring language: Scammers often use a sense of urgency to make you act quickly without thinking. They might say there’s a deadline or that the deal will fall through if you don’t transfer the money immediately.
- Subtle email differences: The fraudulent email address may look almost identical to the real one, with a small change like a single letter swapped or a dot added.
Your best defence:
- Never trust an email that changes bank details: The golden rule is to always verify this information via a trusted and independent channel.
- Call them on a known number: Use a number from the firm’s official website or a letter you have previously received. Do not use a phone number from the suspicious email.
- Make a test payment: Before transferring a large sum, send a small amount (£1) and call your conveyancer to confirm they have received it.
Beyond Payment Fraud: Other Scams to Watch For
- Fake Conveyancers: Some criminals set up fake law firms with professional-looking websites and letterheads. They will take your money and disappear. Always check that your conveyancer is regulated by the Solicitors Regulation Authority (SRA) or the Council for Licensed Conveyancers (CLC).
- Phishing Emails: These emails are designed to harvest your personal and financial information. Be cautious of any unsolicited emails that ask for personal details or contain suspicious links.
- Identity Theft: Scammers may try to steal your identity or the seller’s identity to perpetrate fraud. Be careful what you post on social media and ensure all your documents are handled securely.
Choosing a Conveyancer: The Final Defence
The best way to protect yourself is to choose a professional conveyancer who is regulated, reputable, and uses robust security measures. When comparing quotes, don’t just look at the price. Look at the level of service and security offered.
For a free and easy way to get and compare transparent quotes from a wide range of regulated UK conveyancers, visit Conveyancing Hive. They can help you find a professional with the security, communication, and transparency you need to make your property transaction safe and stress-free.
