Solicitors across Belfast are raising the alarm about a significant increase in cyber fraud attempts targeting property transactions. The Law Society of Northern Ireland has issued an urgent practice note urging firms and clients to exercise heightened vigilance.
How the Fraud Works
The most common method involves criminals intercepting email communications between solicitors and their clients. Fraudsters hack into email accounts and send convincing messages that appear to come from the solicitor’s firm, providing alternative bank account details for the transfer of deposit or completion funds.
Scale of the Problem
Reports indicate that attempted fraud of this nature has increased by over 30% in Northern Ireland during the past 12 months. In several cases, clients have transferred substantial sums to fraudulent accounts before the deception was discovered.
Protective Measures
The Law Society and Belfast solicitors recommend the following precautions:
- Never change bank account details based solely on an email instruction
- Always verify payment details by telephoning your solicitor using a known, independently sourced number
- Be suspicious of any last-minute changes to bank details
- Solicitors should implement multi-factor authentication and encrypted email where possible
Anyone who suspects they may have been a victim of conveyancing fraud should contact their bank immediately and report the matter to the Police Service of Northern Ireland.