Cybercrime conveyancing warning sounded

Published on

SortRefer has warned brokers to be aware of the dangers of fraudsters taking advantage of email correspondence to divert funds passing between client and conveyancer.

This follows recent reports of the growing number of cases of online fraud.

SortRefer is recommending that brokers advise clients to be vigilant and take extra caution.

Kevin Tunnicliffe, SortRefer’s managing director, said that as panel manager of a group of conveyancers the firm takes client security “very seriously”.

He said: “Suppliers on the SortRefer panel regularly review their security protocols and all adhere to the highest industry standards in all aspects of the business, however a potential security breach is far more likely to occur on the client side than that of the solicitor.

“The key message to give clients is to remain vigilant when transferring large amounts of money. A law firm will never change its bank details, so if any of your clients receive a message to the contrary, they should make contact with their case handler immediately to check the validity.

“We are understandably trusting of our law firms, but a little bit of extra caution by both broker and client can ensure that fraudsters do not take advantage. It can be heartbreakingly expensive, if we don’t.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Millions of households exposed to financial shocks despite apparent stability

Millions of UK households that appear financially secure could struggle to absorb an unexpected...

The Mortgage Hut adopts Instamo tool to speed up mortgage applications

The Mortgage Hut has introduced Instamo's FastSubmit technology to reduce the amount of manual...

FCA sets out timetable for major expansion of anti-money laundering supervision

The FCA expects to begin taking over anti-money laundering supervision of legal, accountancy and...

MAB revenue rises as refinancing drives mortgage completions

Mortgage Advice Bureau reported an 8.6% increase in first-half revenue to £161.0m as higher...

FCA warns consumers over pressure tactics in debt advice market

The Financial Conduct Authority has warned consumers to be alert to firms using pressure...

Latest publication

Other news

Harpenden’s expat move could be bigger than the numbers suggest

Harpenden Building Society’s move into expat mortgages this summer has been good news for...

Millions of households exposed to financial shocks despite apparent stability

Millions of UK households that appear financially secure could struggle to absorb an unexpected...

The Mortgage Hut adopts Instamo tool to speed up mortgage applications

The Mortgage Hut has introduced Instamo's FastSubmit technology to reduce the amount of manual...