Conveyancing fraud on the increase – how to protect yourself

Conveyancing fraud has been widely reported in recent times. Criminals have developed highly sophisticated ways of targeting property transactions.

The rise and development of Artificial Intelligence (AI) has made scammers’ lives easier. They can now compose more believable emails and are able to impersonate individuals or companies with increasing ease.

Types of conveyancing fraud

Identify theft – where the criminal steals personal information and uses it to impersonate property buyers and sellers.

‘Friday afternoon fraud’– where a criminal hacks the email of a buyer or their conveyancer. They pose as the solicitor and ask you to transfer funds to them.

Prepayment scam – where they ask for an upfront payment prior to exchange/completion  

Change of payment details – you are suddenly asked to pay funds into a different account during the transaction process.

Title and registration fraud – where the scammer steals your identity with the aim of transferring the name of the property title from yours to theirs.

How to protect yourself from conveyancing fraud

The number one rule is to always stop and think before taking any action:

• Do not allow yourself to be pressurised. Scammers use this tactic as they know how time sensitive property transactions are.
• Never make a payment that has been requested just by email. Always verify with the contact direct. A good solicitor will have set out costs and payment timelines with you at the outset. So, if you receive a payment request out of the blue, always check with your solicitor direct.
• If payment details change mid transaction, this is a red flag so verify the change with the person in question directly.
• Use a local law firm where you can visit and meet your lawyer in person and establish a trusted relationship with them.
• Check credentials. All solicitors practicing in England and Wales need to be registered with the Law Society and regulated by the Solicitors Regulation Authority (SRA). Verify your solicitor online.
• Don’t be complacent. A recent survey suggested that the under 35s are more likely than older groups to be targeted by an impersonation scam. So, don’t fall into the trap of thinking it’s only the older generation, who may be less tech savvy, that are targeted by scammers.

For more information on other types of property fraud, check the Law Society website.