Cyber Fraud

Cyber fraud is a significant risk when buying and selling property. Fraudsters try hacking into emails between homebuyers, sellers, estate agents and solicitors with the aim of persuading people to send money to accounts held by the fraudsters.

Ways to Protect Yourself

To avoid being deceived by scams, be alert to the following:

Bogus email addresses on correspondence may be very similar to that of a genuine company
To appear authentic, fraudulent emails often use the same logo’s etc as a genuine company
Fraudsters can easily obtain company contact names, signatures and other information from public sources, and will use these on fraudulent communications to add credibility to the scam

Deposit monies are especially vulnerable when purchasing property. It is essential that you find out from your solicitor when your deposit is likely to be requested and how you can transfer monies safely. Please note bank details rarely change during transactions.

What to do to protect yourself against fraud: 

Be careful before transferring money. Agree that bank account details will only be changed if instructions are provided face-to-face, or by phone between known contacts
Don’t be afraid to question the authenticity of a request to change bank account details. Never confirm a request via email. Face-to-face or phone contact is the best way to ensure you are dealing with the genuine person
Emails are often the preferred method of fraudsters, but be equally wary of phone calls claiming to represent your solicitor. Remember, fraudsters are likely to have read all correspondence and will know details about the property sale
Use strong passwords, have anti-virus software on your devices and always install updates. Avoid using public Wi-Fi to check emails when house purchases are being made. Fraudsters can easily hack into vulnerable Wi-Fi systems
Avoid posting statuses on social media about buying/selling a house or getting a mortgage. Fraudsters may get hold of this information and know the next step is a large financial transaction