The Lloyds Banking Group professional practices team has warned conveyancing firms to be aware of fraudsters targeting them at busy times for completions.
Conveyancing firms are always going to be at their busiest on a Friday, with people wanting to move in just before the weekend, and when there’s a bank holiday due it only increases the demand for completions. Firms are under pressure to work quickly on these days and fraudsters of course know this.
Paul McCluskey, UK Head of Professional Practices for Lloyds Banking Group, SME Banking, says: “We’ve seen fraudsters target conveyancing firms with a number of different scams on these really busy days and if they manage to catch a firm’s employee off guard, the financial and reputational damage caused can be severe, due to the significant amount of client funds they hold. With the spring bank holiday approaching at the end of May, we recommend that all firms remind their employees about how to spot the common scams.”
More information on current scams and guidance is available in the Lloyds Banking Group Heightened Fraud Threat Alert.