A crime watchdog has reported that so-called “conveyancing fraud,” or “deposit redirection fraud,” is on the rise in the UK.
Action Fraud has issued a statement urging homebuyers, solicitors and estate agents to be on the lookout, after it was reported that the conveyancing sector is increasingly attracting the attention of cyber-criminals – who are not always easy to spot.
The watchdog said that in recent months, it had received several complaints that hackers were commandeering communications between conveyancers, homebuyers and estate agents by hacking into email exchanges and posing as solicitors.
According to reports, an increasing number of unsuspecting homebuyers are falling victim to unsolicited emails requesting funds for mortgage deposits and conveyancing fees.
Typically, eavesdropping hackers will infiltrate a chain of communication between a conveyancer and a homebuyer, and inform an unsuspecting buyer of a ‘last-minute’ change to bank account details, Action Fraud has reported.
The increasing number of cases highlights the importance of interacting with an experienced, regulated conveyancer as opposed to an online provider – preferably face-to-face or over the phone, to ensure absolute security and authenticity at all times.
Homebuyers are also advised to avoid using public Wi-Fi services when checking important emails relating to a purchase, as the use of such services could be monitored by unwelcome parties – and could give way to the infiltration of an email chain.
Equally so, homebuyers should not advertise or publicise their purchases on social media – which Action Fraud has reported can be haven for cybercriminals, hunting for their next unsuspecting victim.
If in doubt, always seek advice from a legal professional.