Property transactions can be complex and often involve large sums of money, making them a prime target for fraudsters. In fact, property transactions now make up 70% of all fraud, underlining the crucial role conveyancers play in protecting their clients from property fraud. Conveyancers do this by implementing various measures to ensure the integrity of the transaction.

 

property fraud legal article - Sam - Lisa's Law

 

This article explains common fraud schemes in property transactions and the steps conveyancers take to protect their clients.

 

What Are the Most Common Fraud Schemes in Property Transactions?

 

The most common types of fraud schemes in property transactions include the following:

 

1. Identity Theft:

  • Fraudsters may steal the identity of the property owner to sell or mortgage the property without the owner’s knowledge

2. Fake Buyers or Sellers:

  • Fraudsters pose as buyers or sellers to manipulate the transaction and extract funds

3. Email Interception:

  • Hackers intercept emails between conveyancers and clients to redirect funds to fraudulent accounts

 

What Measures Do We Take to Protect Clients?

 

In order to protect our clients from these property transaction fraud schemes, we take a number of measures.

 

1. Identity Verification:

  • We rigorously verify the identity of all parties involved in the transaction to ensure they are who they claim to be

2. Secure Communication:

  • We use secure communication channels to prevent email interception and unauthorised access and hold a Cyber Essentials Certificate accredited by the IASME Consortium Ltd. Our practice is protected by strict MFA and VPN safeguards

3. Fraud Awareness Training:

  • Our staff receive regular cyber security training on the latest fraud schemes and how to identify suspicious activities.. We conduct system penetration test weekly to minimise the risks of cyber attack

4. Client Education:

  • Informing clients about the risks of property fraud and advising them on how to protect their information and money during the transaction

 

Final thoughts

 

By taking these steps, Lisa’s Law helps safeguard our clients against property fraud, ensuring a secure and smooth property transaction process. Our experienced conveyancing team take pride in protecting our clients from undue harm during what is undoubtedly a very important moment in their lives.

 

If you have any questions about property fraud or wish for us to represent you in a property transaction of your own, please do not hesitate to contact us.

 

Have questions? Get in touch today!

 

Call us on 020 7928 0276, phone calls are operating as usual and we will be taking calls from 9:30am to 6:00pm.

 

Email us on info@lisaslaw.co.uk.

 

Use the Ask Lisa function on our website. Simply enter your details and leave a message, we will get right back to you: https://lisaslaw.co.uk/ask-question/

 

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