UK Homebuyers Beware: Payment Diversion Fraud Drains Wallets and Faith
House buyers in the UK face a new villain: payment diversion fraud (PDF). It’s the ultimate heist, with average losses of £82,000. The National Crime Agency and The Law Society team up to say, “Stop sending money to fake solicitors!” Remember, double-check those bank details or risk sending your savings to a fraudster’s holiday fund.
Hot Take:
Who knew buying a house could be so perilous? Forget haunted mansions or dodgy foundations—it’s the cyber ghosts in the email machine you’ve got to watch out for! With house buyers losing an average of £82,000 to payment diversion fraud, the home-buying process has turned into a game of ‘Guess Who’s Emailing You!’ Spoiler: It’s not your estate agent. Now, thanks to a new awareness campaign, solicitors are on high alert, ready to play email detective to ensure your dream home doesn’t become a financial nightmare.
Key Points:
- House buyers in the UK lost an average of £82,000 to payment diversion fraud in the past year.
- The fraud involves impersonating trusted entities to redirect large payments during property transactions.
- The NCA and The Law Society have launched a campaign to raise awareness and tighten security.
- Fraudsters often spoof or hijack email accounts to send fake bank details.
- Solicitors and conveyancers are advised to implement preventative measures to protect clients.