The Law Society and the National Crime Agency recently came together to warn of the dangers of payment diversion fraud, one of the most sophisticated techniques used by fraudsters to intercept huge sums of money during conveyancing transactions. Having hacked into emails and obtained key details, fraudsters pose convincingly as the other conveyancing firm and persuade unwitting conveyancers to hand over thousands of pounds of their client’s cash.
It is not only every home-mover’s nightmare; it’s also every conveyancer’s nightmare. And, with 91% of fraud and cyber alerts issued in 2021 involving impersonations of real conveyancing firms, that nightmare is uncomfortably close to becoming a reality for many.
Best practices to mitigate against fraud attempts include establishing secure protocols for sharing and checking bank details with clients, but in the face of such widespread risk, conveyancing firms should consider further measures. Lawyer Checker is available through Ochresoft’s Intelliworks case management software and makes it easy for conveyancers to purchase an additional search, to validate conveyancer bank details across the chain. It’s one change that can provide five clear benefits, almost immediately:
Embed best practice
Conveyancers need to foster a risk-averse culture in their firms if they are to stay one step ahead of increasingly sophisticated fraud attempts. Adding Lawyer Checker to search orders as standard is a simple and cost-effective way to embed best practice.
Demonstrate robust compliance
Because Lawyer Checker is an Intelliworks add-on that automatically drops search results into the case, you can be assured of documented proof of the bank account validation checks that you have taken. This means not just peace of mind, but also the proven compliance and risk management measures that insurers like to see.
Act in your clients’ best interests
Being able to reassure your clients that their money is safe during a home purchase or sale transaction is key to delivering the best possible service. Adding Lawyer Checker to your search order helps build trust and protect your firm’s reputation.
Benefit from market-leading solutions
Lawyer Checker was named Risk and Compliance Champion of the Year at the 2022 British Conveyancing Awards. Its robust and speedy Account & Entity Screen product checks the bank account details of conveyancers requesting funds against 10 conveyancing databases.
Competitively priced as a minor disbursement, Lawyer Checker is a worthwhile investment. With fraudsters attempting to access large sums of money on a daily basis, the rewards could far outweigh the cost.
Find out more about Lawyer Checker in a short webinar, which is available to watch on demand.
If you’d like to learn more about how to order a Lawyer Checker search, just get in touch.