Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Monday, August 24
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Property»‘Friday afternoon fraud’: warning for UK homebuyers on bank scams | Property
    Property

    ‘Friday afternoon fraud’: warning for UK homebuyers on bank scams | Property

    August 23, 20263 Mins Read


    You are poised to move house and are awaiting the solicitor’s instructions that things are ready to go and it is time to hand over your deposit. When the email arrives giving you their bank details, you set up the transfer and move the cash. And then the solicitor calls to ask where the money is.

    Conveyancing fraud involves criminals getting access to an email chain between homebuyers and their solicitors or estate agents and requesting payment to a bank account they control. Sometimes the solicitor has been hacked, but often the homebuyer has been the victim of a phishing exercise.

    The scam is sometimes known as “Friday afternoon fraud” as it tends to take place at the end of a sale, which is often timed before a weekend.

    The sums of money involved in a property sale mean the fraudster only has to land a few victims to make a lot of cash.

    Report Fraud (formerly known as Action Fraud) says there were 3,657 scams involving persuading people to pay into the wrong bank account in the 2025-26 financial year, and these cost victims a total of £101m.

    Conveyancing fraud is a subset of this. Between 1 April 2024 and 31 March 2025 Report Fraud recorded 140 property cases with an average loss of £78,393. In the worst case the Guardian has covered, a homebuyer transferred the entire £300,000 purchase price to the wrong account.

    City of London police has warned that this type of fraud isn’t limited to purchases – it’s also been reported by renters who have lost money they thought they’d paid to their letting agent, and in probate transactions.

    What it looks like

    The message looks just like an email from your solicitor or estate agent. It asks for you to make a payment you are expecting to make but may come earlier than you were expecting.

    It may say that the solicitors’ firm has new bank details and the payment needs to be made quickly.

    The fake email from the solicitor will say that the payment needs to be made quickly. Photograph: Tetra Images/Getty Images/Tetra images RF

    If your solicitor’s email has been hacked the message could come from its genuine address, but usually the fraudsters will be using a spoofed email address so if you look carefully you may spot something slightly different from the genuine company’s one. There may be a missing letter or extra punctuation mark, for example.

    What to do (and not do)

    Don’t post about your impending move on social media as fraudsters could spot this and realise that you are a good person to target.

    Make sure your side of the email chain is secure by setting a strong password for your account and using any extra protection that’s offered, such as two-factor authentication.

    Avoid logging into public wifi and using it to check your emails as this gives fraudsters a potential access point.

    If you are expecting to exchange on a property soon, make sure you have asked for the solicitor’s bank details either in person or over the phone in a call that you have made to it.

    Any message suggesting your solicitor has changed its bank details should be checked out – again ask them in person or by phone.

    Take heed of any warnings from your bank as you try to transfer the money. It should tell you if the name of the account does not match what you expect, and when this happens you should stop and check everything is as it should be.

    Contact your bank straight away if you have made a transfer that was not legitimate.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleBitcoin surges to highest level since May as US policy fuels crypto rally
    Next Article Scott Bessent just kicked the bitcoin debasement trade into another gear: Chart of the Day

    Related Posts

    Property

    China’s property crisis deepens after Evergrande founder sentenced to life in prison

    August 23, 2026
    Property

    China Luxury Sales Plunge Over 10% as Offshore Tax Push Hits Spending

    August 23, 2026
    Property

    Chinese property king Hui Ka Yan sentenced to life in prison

    August 22, 2026
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Bitcoin

    Trump Requests $844,600 for Fundraiser Seat at Conference

    July 18, 2024
    Bitcoin

    BlackRock Plans To Tokenize ETFs Following Bitcoin ETF Success

    September 11, 2025
    Commodities

    Nigeria’s Economy ‘Stabilized’ Under Tinubu

    August 8, 2025
    What's Hot

    Le marché NFT glisse en mai malgré la croissance et les gains de l’acheteur de Bitcoin, Avalanche

    June 2, 2025

    Dow Jones| Nasdaq | S&P 500 | US Stock Market Today | Live: US stocks fall as Big Tech earnings rekindle AI spending worries; oil hits $100

    July 23, 2026

    Le cours du Bitcoin plonge lui aussi après les annonces de Trump

    February 3, 2025
    Most Popular

    Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds

    September 27, 2025

    Le projet de loi de finance pour 2025 franchit l’étape du Sénat

    January 23, 2025

    Bitcoin: Could This Short-Term Pullback Be Springboard for New ATH?

    October 8, 2025
    Editor's Picks

    The finance talent crunch – and why hybrid global teams are winning

    April 8, 2026

    Commodities giant Glencore is ordered to pay over $150M in wake of Congo mining bribery case – KION546

    August 5, 2024

    Strategy’s Saylor: Bitcoin gains over 3% could fund dividends indefinitely

    July 8, 2026
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2026 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.