Dangers of online scams that targets homebuyers

Recent media reports have highlighted a new online scam.

It sees hackers monitor email exchanges between solicitors and their clients during the process of buying a new home.

Biding their time

Hackers have been reported to wait for the moment a money exchange looks likely to take place as part of the conveyancing process before sending an email to the homebuyer.

This fake email is made to look as if it is from the homebuyer’s solicitor and requests the money is transferred to a different, fraudulent account.

They may give various reasons for the change (auditing purposes has been used in some reported situations).

Recent cases have not indicated that this is a result of any law firms’ email systems being infiltrated. It is unclear how hackers are obtaining access to email accounts as part of this scam.

Be vigilant

As a precaution, we ask our clients to be vigilant of any emails asking you to pay money into any other bank account other than our genuine account, the details of which are provided to you by our solicitors.

Clients are advised to do all they can to keep their email accounts and personal data secure and take care with high value transactions.

Our solicitors will always advise how to transfer money to us securely and we ask you to report any unusual emails to us. If in doubt, please check with your solicitor before transferring any large sums.

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This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.