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NCA and Law Society Join Forces to Combat Payment Diversion Fraud

Fraudsters are targeting house buyers and professionals. To protect yourself, always verify bank details and scrutinize payments.

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In this picture we can see a market, in which we can see some stoles and we can see few people are...
In this picture we can see a market, in which we can see some stoles and we can see few people are around.

NCA and Law Society Join Forces to Combat Payment Diversion Fraud

The National Crime Agency (NCA) and The Law Society have joined forces to combat payment diversion fraud, a type of business email compromise (BEC) that has cost UK home buyers an average of £82,000 over the past year. Fraudsters may hijack or spoof legitimate email accounts to trick victims into sending funds to the wrong bank account.

The NCA advises solicitors and conveyancers to instruct clients to verify bank details directly with the intended recipient before sending payments. Home buyers are also urged to transfer a small amount initially and confirm receipt before proceeding with the full payment. This comes as the NCA warns that victims can lose millions of pounds each year due to this type of fraud. To prevent falling victim, the NCA recommends using strong, unique passwords, up-to-date antivirus software, and secure communication methods. Solicitors and conveyancers are urged to scrutinize payments more carefully to protect their clients. The NCA considers them the first line of defense in combating payment diversion fraud. This type of fraud, also known as 'payload-diversion' or 'beute-diversion' fraud, often targets private individuals, companies involved in property transactions, and professionals such as lawyers and notaries. Small and medium-sized businesses may also be at risk due to limited resources for IT security.

The NCA and The Law Society's awareness campaign aims to educate and protect potential victims. By taking simple precautions, home buyers and professionals can significantly reduce the risk of falling prey to payment diversion fraud. The NCA urges everyone involved in property transactions to stay vigilant and report any suspicious activity.

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