We would like to raise awareness to a fraud that has recently come up where fraudsters are currently hacking into email chains between house buyers or sellers and their solicitors and diverting house purchase payments. The fraud involves the monitoring of email communications between purchaser or seller and solicitor using malware that looks for key words such as ‘house purchase’, ‘deposit’, ‘buy’ and ‘payment’ – and then they make their move.

The fraudster will then hack into the email account and contact the client disguised as the solicitor’s company they have been liaising with.

They will usually tell the buyer/seller by email that the solicitor’s bank account details have changed, or they amend the account number being sent to the buyer/seller before they receive it.

The fraudsters give the details of the ‘new’ account for the deposit to be sent.

Unknowingly, the buyer/seller transfers their money to the ‘new’ false account.

The false account owned by the fraudster receives payment, leaving the solicitor or house buyer/seller at a substantial financial loss.  In such circumstances, we cannot recover the funds because they are authorised.

The following advice will help to protect you against such a fraud: 

• Don’t feel pressured into exchanging bank details. If you receive an email stating a change in the bank details, you should ring the solicitors on a previously used telephone number.
• Check the email address carefully and if in doubt phone the solicitor to check the information is correct.
• Buyers and sellers should avoid using public Wi-Fi systems to check emails when house purchases are being made. Fraudsters can easily hack into vulnerable Wi-Fi systems.
• Avoid sharing social media posts about buying/selling your house. Fraudsters may get hold of this information and know the next step is a large financial transaction.

As always, be aware of financial at all times when making a financial transaction. We will be doing everything in our power to ensure our clients do not fall victim to such a fraud, however it is important to stay vigilant at all times. If in doubt, please do not hesitate to contact us on 0141 620 0800.

Contact our Expert Conveyancing Solicitors Glasgow

For expert legal advice on buying or selling property in Scotland, contact our specialist property lawyers today. Get in touch via our online contact form or give us a call on 0141 620 0800.