For most people, buying a home is the largest financial transaction ever undertaken, and one that is only carried out on rare occasions. It is vital that agents make clients aware of the potential scams as purchases are completed and take steps to avoid being caught out.
Payment Diversion Fraud (PDF)
Being aware of fake emails is key as ones that appear from official sources is big business from fraudsters. Those involved in a property transaction are a prime target, as an email appearing to be from their solicitor asking for funds to be transferred to their account can seem perfectly legitimate. This is known as Payment Diversion Fraud (PDF), or Business Email Compromise.
Trusted advice to avoid fraud
Along with solicitors, agents are who homebuyers turn to for advice on all aspects of a property transaction. Alerting buyers to possible frauds at an early stage can pay huge dividends in helping clients spot suspicious approaches, as it is easy to make mistakes.
Key advice to give to clients includes:
- Take the time to consider whether an email could be a scam, and be aware that some fraudulent emails can be very convincing and accurate
- Always obtain bank details from a solicitor in person or by calling them direct
- Solicitors rarely change their bank details and an email advising this is likely to be a scam
- Avoid posting on social media about property purchase, and not using public Wi-Fi to check emails when involved in a property transaction
- If have any doubts about a message received check with the agent or solicitor
- It is OK to reject, refuse or ignore a suspicious request, especially if the sender then pressurises them to act
- Contact the bank immediately if believed being scammed, and not to feel embarrassed as not alone
Action Fraud
If agents or clients encounter an attempted fraud, report it to Action Fraud online or call 0300 123 2040. For those in Scotland report to Police Scotland by calling 101.
