Are home movers 'sitting ducks' for Friday afternoon fraud?

If you’ve ever heard the saying ‘sitting ducks’, you’ll know we’re referring to easy targets. Unfortunately, this rings true for the majority of home movers, as findings show that a staggering 83% are ‘cyber blind’ to the risks posed by Friday afternoon fraudsters.

According to the latest Home Moving Trends report, published by tmgroup in partnership with the Property Academy, only 17% of clients consider transferring funds to their conveyancer to be a high-risk phase of the property transaction.

Capturing the opinions of over 14,000 home movers, the bottom line is that a vast number of property transactions are at risk of ‘Friday afternoon fraud’ every week;  a stark warning to all conveyancers. For an industry that has already witnessed a number of high-profile incidents this year, including the Howard Mollett case, it’s not good news.

With fresh reports of fraudsters impersonating law firms continuing to appear in the Bold Legal Group (BLG) bulletin, it’s also clear that the problem isn’t going away any time soon.

It seems it’s no longer enough for conveyancers to simply include fraud and cyber crime messages in their welcome packs and assume that their clients are reading them. As the latest Home Moving Trends findings reveal, only 54% of clients claim to have read every word of their paperwork.

As Paul Albone, Managing Director at tmgroup, comments:

“With ever-savvier cyber criminals targeting the conveyancing world, assuming that every client is aware of every risk is no longer an option.”

With so much at stake, conveyancers need to be building checks into their processes to make sure their clients are fully aware of cyber crime threats and that they understand them.  In many cases, this could be as simple as reiterating key messages in follow up calls and appointments, alongside awareness messages into email signatures.

Paul Albone, Managing Director at tmgroup, continues:

“As these statistics reveal, conveyancers need to be mindful of the fact that it is their responsibility to convey these risks to their clients – not merely as a conveyancing exercise, but in an attempt to eradicate this kind of fraud from the market, and reduce the level of risk to their firm, their reputation and their bank balance.” 

Download the latest Home Moving Trends report to find out more

These findings were taken from the latest Home Moving Trends report, based on a survey of 14,389 home movers conducted by the Property Academy in partnership with tmgroup.

Download the latest Home Moving Trends report for more information and guidance on tackling cyber crime in the conveyancing sector.

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