The Different Types of Conveyancing Fraud and How to Avoid Them

Buying a home is exciting but it comes with its share of challenges, especially when it comes to ensuring the transaction is safe and sound. One such challenge is conveyancing fraud, a sneaky trick where scammers try to swipe your money during the property purchase process. In this blog, we’ll discuss the different faces of this fraud and share tips to keep your hard-earned money safe.

1. Fake Solicitor Scams

Imagine you think you’re dealing with a real lawyer who is helping you purchase your dream home, but in reality, they’re a fraudster. They might contact you through email or a call, pretending to be a Lyons Bowe solicitor and asking you to transfer your deposit into their account. Boom! Your money disappears.

How to Avoid It:

Always verify the identity of your solicitor. Call us and double-check the bank details before transferring any money.

2. Email Interception

In this scenario, a scammer hacks into the email account of your real solicitor or yours. They then monitor the communication between you two. At the perfect time, usually right before the payment, they send you an email from an address that looks incredibly similar to your solicitor’s, instructing you to make the payment to a different bank account.

How to Avoid It:

Just as Lyons Bowe do, use secure, encrypted email services and change your passwords regularly. Before any payment, confirm the details over the phone or in person with your solicitor.

3. Seller Identity Fraud

This involves someone pretending to be the owner of the property you intend to buy. They convince you through fake documents and sell the property they don’t own. By the time everyone figures it out, the fraudster is long gone with your money.

How to Avoid It:

Ensure your solicitor conducts thorough checks on the property and the seller’s identity. Always be wary if the deal feels rushed or too good to be true.

4. Clone Firm Fraud

Some scammers are bold enough to mimic an entire legit law firm, creating fake websites and sending out letters with the real firm’s logo and details. They trick people into thinking they are dealing with a reputable firm, leading to money being transferred to fraudulent accounts.

How to Avoid It:

Check the Law Society’s website to confirm the law firm’s legitimacy. Pay attention to the details like phone numbers and email addresses. If in doubt, visit the law firm in person.

5. Hacking the Conveyancing Process

Technologically savvy fraudsters might attempt to hack into the systems of law firms or estate agents to gather information about ongoing transactions. They then use this information to orchestrate one of the scams mentioned above.

How to Avoid It:

Choose firms that take cybersecurity seriously. Ask about their security measures to
protect your information and transaction details.

In Conclusion

The world of property buying is exciting, but it’s vital to stay vigilant against conveyancing fraud. Always verify information, keep your communications secure, and trust your gut—if something feels off, it probably is. Taking these precautions can help you avoid falling victim to these deceitful tricks.