Stay safe from scammers when buying or selling your home
Conveyancing fraud is on the rise. Make sure you follow our tips to keep the scammers at bay. Let’s find out more.
The amount of money that changes hands during a property transaction makes it a tempting target for scammers. Criminals will try anything to get their hands on that money as it travels between the two parties and their solicitors – and often, they succeed. We call it conveyancing fraud.
In this article, we’ll look at how fraudsters attempt to steal money from people just like you as they buy or sell their homes. Then, we’ll give you some tips to stay safe from scammers if you’re involved in a property transaction.
How scanners target homebuyers and sellers
The goal of criminals committing conveyancing fraud is to get the person buying the home to send the money to them rather than their solicitor or the seller. There are several ways they can do this.
One example is when a homebuyer received an email that looked as if it was from their solicitor, saying that it was time to transfer the money and giving them their banking details. Unfortunately, this email was sent from a spoof account, created to look like that of a solicitor, complete with logos and official-looking wording. Of course, the banking details belonged to the criminal, not the solicitor’s firm. Sadly, the buyer was taken in by this scam and sent the money, hundreds of thousands of pounds, which was never recovered.
Another time, a client had their email account hacked. Criminals used the client’s account to request money from their solicitors relating to the purchase (again, using the banking details of the scammer). Fortunately, the solicitor spotted the scam this time, and no money was sent.
Five ways to stay safe
If you’re buying or selling your home, don’t become a story like the two above. Here are five things you can do to make life harder for the scammers and get your property transaction over the line with no issues:
Check the banking details – If you need to get the banking numbers of anyone involved in your property sale, get them in person or over the phone. Don’t rely on email, as scammers could be watching it. Remember, it’s incredibly unusual for a firm like a solicitors to change their banking details. If you receive a request to send money to a bank account you are not familiar with, it’s likely to be a fake
Watch your passwords – Cybercriminals use information they discover about you to try and guess your passwords. So, don’t make it easy for them. Use a strong password like a collection of letters and numbers, or three random words
Avoid public wi-fi – While you’re working on your transaction, try to avoid logging into public wi-fi networks, as these are frequent targets for hackers
Stay off social media – Don’t post about buying or selling your home or getting a mortgage on social media. It alerts potential fraudsters who will then look to intercept the transaction
Transfer money with caution – Rather than transfer a large sum of money in one go (and risk it all going into the hands of scammers), try breaking it down into smaller chunks. A good idea is to transfer a small sum first, call the recipient to check the money has arrived, and then send the rest.
Find out more from Couchman Hanson
If you’re in any doubt, or worried about suspicious activity during your house sale or purchase, talk to your solicitor. It’s what they’re there for.
At Couchman Hanson, our solicitors genuinely care about getting the best outcome for you. We’re highly professional, with ‘city’ level talent and experience, but also friendly and welcoming. Everything we do fits with our values of integrity, honesty and authenticity.
Call 01428 774756 or visit couchmanhanson.co.uk