After a spike in conveyancing fraud a client compliance platform has called for ‘an end to homebuyers sharing information on email’.
Client compliance platform Thirdfort has urged conveyancers, lawyers and estate agents to offer more secure ways of sharing information given rise of conveyancing fraud.
After Lloyd’s bank figures released last week, conveyancing scams increased by 29% last year. Criminals are targeting homebuyers by hacking emails during the conveyancing process, with growing numbers being duped into sending their property deposit to fraudsters. On average victims are losing £47,000, and more than £250,000 in some cases.
Thirdfort say:’Despite being concerned about the fraud risks, many homebuyers are still sharing personal information over email.’
Research from Thirdfort via YouGov found that a quarter of UK adults have shared their sensitive personal information via email with a conveyancer, estate agent or mortgage broker when moving home. The same survey found that just 31% have used secure online methods to share information with their property professionals – 13% have used two-factor authentication, and 18% have used a secure platform or app.
The platform says there are more secure ways of sharing data online, and agents and conveyancers must offer homebuyers access to these secure methods.
Olly Thornton-Berry, co-founder and managing director at Thirdfort, said: “Our data shows that despite being concerned about the fraud risks, many homebuyers are still sharing personal information over email. This leaves them open to fraud. Yet there are more secure ways of sharing data online, and agents and conveyancers must offer homebuyers access to these secure methods. Not only does our Secure share platform reduce the risk of fraud, but it also tackles needless repetition, significantly cuts transaction times, helps agents and brokers to easily refer clients, and provides a great client experience. All while keeping personal data secure and meeting all regulatory requirements.”
