Warning issued to UK homebuyers over bank scams

Homebuyers in the UK are being targeted by a sophisticated scam that exploits the final stages of property transactions. The fraudulent scheme, dubbed 'Friday afternoon fraud,' involves criminals impersonating solicitors or estate agents through fake emails.

Victims have reported losing tens of thousands of pounds, with one individual losing as much as £300,000. The scam operates by criminals gaining access to email chains between homebuyers and their legal representatives. They then send convincing emails, often timed just before completion, providing fraudulent bank details for the deposit transfer.

This type of conveyancing fraud can occur through various means. Sometimes, the solicitor's email account is compromised. In other instances, homebuyers fall victim to phishing exercises, inadvertently providing access or details that allow criminals to insert themselves into the transaction. The urgency and complexity of house purchases make this a particularly vulnerable period for buyers.