Reducing The Risk Of Property Fraud In Conveyancing Transactions
Empty properties and those without a mortgage are the most likely targets for property fraud.
This is a particular concern where the owner has died and the property lies empty while the estate is being wound up. In cases where the owner was elderly, the mortgage is also likely to have been paid off, further increasing the risk.
It’s therefore essential that conveyancers dealing with this type of property do everything possible to reduce the risk of fraud.
PM Property Lawyers has invested in innovative technology that protects genuine clients and prevents fraud from taking place.
Rigorous client due diligence at the start is absolutely essential. We use facial recognition technology which provides instant, secure ID verification and combats the risk of ID fraud and money laundering.
Bank account checks
We use Lawyer Checker to instantly check that our client’s bank account details match the information we have received. This provides an additional level of security and ensures that funds are only sent to verified accounts. We also ask clients to check our own bank details through a secure platform so they have confidence they are sending funds to the correct account.
Email hacking is one of the most common types of fraud in conveyancing. The fraudster hacks into email correspondence between the client and conveyancer, waiting for the point at which funds are about to be transferred. They send the client an email purporting to be from the conveyancer, advising that bank account details have changed. These fake emails can be extremely convincing. To reduce the risk of email fraud, we have developed our own app for clients. This provides secure notifications and messaging that hackers can’t access and, with fewer emails being sent, lessens the risk of email fraud.
These innovations have not only improved security, they have also sped up the initial stage of the conveyancing process. In fact the current record from the point of instruction to completing all due diligence is 1 hour 55 minutes!