Source: National Cyber Security – Produced By Gregory Evans
Money laundering… mortgage fraud… now conveyancer hacking. Walker Morris’ Banking Litigation specialist, Alasdair Urwin, explains the latest fraud risk of which lenders, borrowers, conveyancers and the general public should be aware. Conveyancing solicitors: safe as houses? Many of us are familiar with ‘phishing’. This is the means by which fraudsters acquire sensitive information, such as bank account details, by posing as a known or trustworthy entity in an electronic communication. We are alive to the risks to a certain extent, and we generally think twice before revealing sensitive or financial details online or in response to unexpected or unsolicited correspondence. One of the latest pools in which fraudsters have decided to phish, however, is that of the e-mail accounts of real estate conveyancing solicitors. It seems that this has been a lucrative recent development for cybercriminals because a combination of ignorance of the risks; the general public’s rightful trust in solicitors’ firms and the conveyancing process; the tempting prospect of purchase monies; and a lack of sufficient data security has meant that, just in the last few months, significant property transaction funds have fallen prey to fraud [1]. Real risks: Real estate transaction scams In what are being described as some of the most worrying scams […]
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