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Scammers impersonating conveyancers are on the rise and using increasingly sophisticated techniques to divert your funds their way. Stephen Ward has some advice to help you avoid being stung
‘Tis the season of giving but, unfortunately, scammers don’t take the festive season off. Email scams are on the rise again so it is important you protect yourself and don’t give away your hard-earned money to those who would look to steal it.
The National Cyber Security Centre (NCSC) recently announced that it had dealt with over 60 nationally significant cyber attacks over the past year. As more and more of our lives move online, so do the scammers. It warned that for civilians and small businesses, cyber criminals remain the biggest threat.
Property purchases have been a long-time favourite with cyber criminals due to the sums involved and the predictable nature of when transactions will need to take place.
While conveyancing scams, unfortunately, may be nothing new the type of scams that are used can be cyclical in their popularity with criminals.
Email scams are currently the preferred, but not only, method. Known as authorised push payment fraud, scammers will impersonate lawyers to divert payments to their own bank accounts.
In these scenarios, because the victim has authorised the payment they also become ultimately liable, causing much distress and leaving many people hugely out of pocket.
A good example of this is the extra ‘s’ email scam. This is where an extra ‘s’ is inserted, by the scammers, into an otherwise genuine email address, so for example at the end of the person’s or firm’s name.
The change is so subtle so as to be easily missed, even by people who double check. The fake email will then be sent to the victim requesting the exact amount the buyer was expecting to pay at the exact time they were expecting to pay it.
The Daily Telegraph recently reported that this type of scam had cost their readers alone over half a million pounds.
How to protect yourself from property scams
Firstly, you should receive guidance from your conveyancer on the procedures they have in place to help clients avoid falling victim to scams. So do ensure you ask about this.
Secondly, you cannot be too cautious when transferring large sums of money. Never rely on details sent to you via email. Always ensure that when it is time to transfer money you contact your conveyancer directly on the telephone, on a number you know to be correct, to confirm bank details.
It may seem like a hassle, and there can often be time pressures close to completion, but not taking the time to do this has resulted in heartache for many who have discovered they have lost large sums of money to scammers.
The CLC has a handy guide you can access here. If you are using a CLC regulated conveyancer you can also look out for our secure badge on their website. This means the website has been verified and is genuine, not a fraudulent copy of the website you might think you are visiting.
Action Fraud
Your conveyancer should be aware of the risks of fraud and communicate these to you. Sad though it is, this crime is on the rise and your default position should be one of suspicion to avoid becoming the next victim.
If you think you have been scammed, contact your bank immediately and report it via the Action Fraud website or by calling 0300 123 2040.
Stephen Ward is director of strategy and external relations at the Council for Licensed Conveyancers
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