The digitalisation of conveyancing means all involved in property transactions are more vulnerable to sophisticated fraud schemes. Scammers and hackers target solicitors, conveyancers, agents and their clients, which can lead to significant financial loss. Understanding the threat of scammers and hackers and implementing protective measures is crucial.
Scammers employ various tactics to target these transactions, such as:
- Email Spoofing and Phishing
Scammers often pose as legitimate solicitors, conveyancers, real estate agents, or financial institutions, sending fake emails that appear authentic. These emails may request sensitive information or direct recipients to fraudulent websites.
- Email Compromise
In this scheme, hackers gain unauthorized access to a conveyancer’s email account. They then monitor communications and manipulate transactions, redirecting funds to their own accounts.
- Impersonation and Identity Theft
Scammers may impersonate buyers, sellers, or other parties involved in a transaction, tricking them into transferring funds to fraudulent accounts. These emails may appear to have come from someone you are familiar with, using the same email signature or a similar email address.
How to Protect Yourself
All parties to conveyancing transactions should adopt practices to mitigate risks, including:
Verifying Communications
Verify the identity of individuals requesting sensitive information or changes to transaction details. Use known contact methods rather than replying directly to suspicious emails, and look for anomalies in email addresses, their content, and email signatures.
Security Check
Check the security measures you have in place for email accounts, including multi-factor authentication (MFA) and strong, unique passwords.
Verbal Confirmation
DO NOT transfer any money without first telephoning your solicitor, conveyancer or the agent involved in the transaction to confirm account details and amounts verbally.
Confirm Legitimacy
Contact the sender to check legitimacy before you open attachments, click on hyperlinks or download buttons in unexpected emails.
The financial and emotional toll of falling victim to scammers and hackers can be devastating. However, by staying vigilant and adopting robust security measures, the risk of falling victim to sophisticated fraud schemes can be significantly reduced.
If you need conveyancing assistance, the team at Eleven Legal can help you through every step of the process, from contract review and preparation to settlement.
