UK House Buyers Lose £82,000 in Payment Diversion Fraud
House buyers in the UK have been hit hard by payment diversion fraud, suffering average losses of £82,000 in the past year. The National Crime Agency (NCA) and The Law Society have joined forces to launch an awareness campaign, urging solicitors and conveyancers to scrutinize payments more carefully.
Payment diversion fraud, a type of business email compromise (BEC), sees threat actors impersonate trusted entities like solicitors or estate agents. Fraudsters either hijack or spoof legitimate email accounts to trick house buyers into sending funds to incorrect bank details. Victims can lose millions of pounds each year.
The NCA advises house buyers to transfer small fund amounts initially and check if they have been received before proceeding. Always check bank details directly with your solicitor. Strong passwords should be used and public Wi-Fi avoided for conveyancing processes. The Law Society-initiated campaign encourages solicitors and conveyancers to follow these precautions to protect clients.
With average losses of £82,000, payment diversion fraud poses a significant threat to UK house buyers. The NCA and Law Society's campaign urges vigilance from both solicitors and buyers. By following simple security measures, the risk of falling victim to this fraud can be significantly reduced.
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