After saving up for the deposit on your dream home, you’ve secured a mortgage and you can see the finish line. You just need to send over your house deposit to your conveyancer. It's a lot of money so you've gone over the details twice, maybe three times. Press send. Just like that, the moment you've been waiting for has been stolen from you and you feel your stomach drop.
The scam I am talking about is commonly known as ‘Friday afternoon fraud’ but does go by other names, such as payment diversion fraud or conveyancing fraud. To avoid this happening to you or a first-time buyer, you know there are things you can do.
How Friday Afternoon Fraud Works
This type of online scam can happen on any day of the week, but committing this type of crime on Friday allows the criminal to walk away from any sort of immediate investigation. Unfortunately, some victims do not realise what has happened until the following Monday.
It essentially involves the hacking of either the homebuyer or their conveyancer email; this gives them the freedom to monitor, intercept and send over emails. It will begin with the scammer posing as the conveyancer and providing them with their bank details, and then the unspeakable happens.
How the hacker gains access to email depends on which party it is. If you are a conveyancer, they will send emails on your behalf using your genuine email address. It's a lot less common but it’s important to know.
Homebuyers tend to have their emails hacked more often. It can be as simple as creating an email address that’s very similar to the original conveyancing email and sending emails that mimic the tone and signature.
There have been instances where they ring the homebuyer and alert them of ‘new’ bank details to send over the deposit.
How To Protect Yourself From Friday Afternoon Fraud
1. Beware Of Twins
To decrease the success of email interception and tampering, avoid connecting to public Wi-Fi connections when sending or receiving emails. Don’t give them the chance to gain access to your personal information.
In the same breath, avoid connecting to suspicious networks that mimic others, such as your network. If you connect, they will have access to your data.
Additionally, make note of your conveyancer's original email. If you’re ever unsure of who you’re talking to, do your research before sending over any amount of cash. If you’re uncomfortable with transferring online funds, ask your conveyancer on the phone how they feel about alternative options.
2. Don’t Post About It
It’s unfortunate that scammers also pay attention to social media. They often target individuals who live a flash lifestyle or individuals sharing their journey with buying or selling a property. This could go as far as not posting or asking strangers questions about the process.
3. Question Well-Written Emails
This may seem the opposite of what you were expecting, but with technological advancements in artificial intelligence, looking for poorly written responses is still a given but not as likely.
When you receive an email related to money or bank details, take a moment to read through it and consider if this is a scam before proceeding with it.
4. Try This First
Before transferring the whole amount, if you’re concerned about it potentially being a scam, send a nominal amount, such as £1. Immediately after, call your conveyancer's registered branch phone number and ask for confirmation from a trusted member of staff.
Avoid talking to any ‘new’ member of staff or a person claiming to work in a different department. Ensure you feel comfortable enough to send the full amount over.
Conclusion
Home buying can be an emotional time for people, so you must be well-educated on all types of risks that come with home buying. Keep your wits about you and you will have a seamless transaction process.
If you do unfortunately fall victim, follow the right procedure by collecting all the evidence and reporting it to the local authorities. There are investment fraud lawyers from respectable firms that can fight to get your money back.
