Criminals are targeting a new group of victims: people buying and selling houses. In the first three months of 2016, the proportion of attempted mortgage fraud committed by identity thieves increased from 4% to 6%, according to Experian. Typically, these fraudsters use malware that allows them to gain access to the computers of individuals, estate agents and law firms. This enables them to intercept emails between conveyancers and clients.
When it comes to transferring large sums of money say, a deposit or balance on a property they send a spoof email from the conveyancer requesting clients send funds to a fraudulent bank account. Criminals are able to delete any correspondence chasing up funds from the conveyancer. As a result, victims may only realise their money has disappeared when they speak to their conveyancer on the phone or in person often long after the funds have been swiped. Some victims have got their money back; others have lost hundreds of thousands of pounds.
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