Fraudsters commonly target law firms. Law firms can fall victim to well-structured and convincing shams and become unwitting participants in fraudulent arrangements. Property lawyers should be vigilant in this respect and follow the provisions of:
With mortgage fraud, criminals try to receive mortgage monies from a lender in relation to a transfer of a house which was never on the market. After completion, they disappear and it usually transpires that they provided false, but convincing, details.
All colleagues should be wary of hackers and fraudsters providing false account details. Always call on a number you can trust and check with the third party providing account details that what you have received is right. Emails can be intercepted and changed. The true identity of the sender of an email can be hidden. You should expect third parties to make the same checks of us. The Law Society keeps a list of correct telephone numbers for law firms, and other regulators keep similar lists for their industries. Do not call the number in the email or on the letterhead; that may not be correct either.
Property colleagues must be aware that imposters claiming to own property may seek to use them to sell it. They must satisfy themselves that the client does own the property and must personally review the AML documents, requesting copies from the Clients Team, if necessary.
You should also read our Guidance Note on Impersonation Fraud.