Understanding Conveyancing Fraud

Conveyancing fraud has emerged as a significant threat in the property market, causing substantial financial losses and emotional distress to buyers and sellers. To shed light on this critical issue, we spoke with Rebekah Manning, the head of Tiger Law's Conveyancing Department. Rebekah shared her expertise on the problem and offered valuable tips for property buyers and sellers to protect themselves.

The Problem of Conveyancing Fraud

Conveyancing fraud occurs when criminals intercept or manipulate the process of transferring property ownership, often redirecting funds into their own accounts. It has become increasingly prevalent due to the sophistication of cybercriminals and the high-value transactions involved in property sales.

"The most common types of conveyancing fraud include email interception, where fraudsters hack into email accounts and alter bank details, and identity fraud, where criminals impersonate the parties involved in the transaction," explains Rebekah Manning. "These crimes can result in significant financial loss and, in some cases, the complete loss of the property being purchased."

Common Signs of Conveyancing Fraud

Rebekah Manning brings a wealth of experience to Tiger Law, having spent over a decade in the conveyancing sector. Her extensive background in property law and commitment to protecting clients from fraud make her a valuable asset to the firm. Rebekah has successfully managed numerous transactions, ensuring clients navigate the conveyancing process smoothly and securely.

"There are several red flags to watch out for," says Rebekah. "Sudden changes in bank account details, especially if communicated via email, should raise immediate concern. Unexpected requests for payments or rushed transactions can also be indicative of fraud. It's crucial to verify any changes through a phone call to a known contact number, not one provided in a suspicious communication."

Tips for Property Buyers and Sellers

Rebekah offers several proactive measures that buyers and sellers can take to protect themselves from conveyancing fraud:

Verify Contact Details: Always verify bank details and other important information through a direct phone call to your solicitor or conveyancer using a trusted contact number.

Be Wary of Email Changes: Be cautious of any changes to bank account details received via email. Verify such changes directly with your solicitor.

Monitor Accounts: Regularly check your bank accounts for any unusual activity, especially during the conveyancing process.

Do not talk about your transaction on social media: This can make you a target for fraudsters.

Never send your bank details to anyone via email: Always use secure methods to share sensitive information.

Consider sending a small amount, such as £1, as a test: Then telephone the firm to ensure it has been safely received before sending the full amount.

Ensure that emails from the professionals handling your property transaction consistently originate from the exact same email address: Subtle discrepancies may involve replacing a capital letter 'I' with the number '1', for example.

Conclusion

Conveyancing fraud is a serious issue that requires vigilance from all parties involved in property transactions. By staying informed and taking proactive measures, property buyers and sellers can significantly reduce their risk of falling victim to conveyancing fraud. Tiger Law is committed to providing the highest level of security and expertise to ensure a safe and smooth conveyancing process for all clients.

"We are dedicated to ensuring that our clients feel secure and confident throughout the conveyancing process," says Rebekah. "Our team at Tiger Law is here to provide expert guidance and support every step of the way."

About Rebekah Manning

Rebekah Manning is a conveyancing expert with over a decade of experience in the property law sector. As the Head of Conveyancing at Tiger Law, she leads the team with a focus on client protection and excellence in service. Her dedication to combatting conveyancing fraud and her extensive knowledge in property law make her an invaluable asset to Tiger Law and its clients.