The National Crime Agency (NCA) and The Law Society have launched a joint campaign aimed at conveyancers and solicitors to highlight the risks of payment diversion fraud in property transactions.
The fraud, involving criminals intercepting and redirecting property purchase funds by impersonating solicitors, estate agents or buyers, costs the public millions every year.
Figures released by Action Fraud reveal that from April 2024 to March 2025, there were 143 reports of this type of payment diversion fraud, with victims losing an average of £82,000. The average age of the victims was significantly lower then for many frauds, with 32% aged 40-49 and 27% aged 30-39.
Nick Sharp, deputy director fraud at the NCA’s National Economic Crime Centre, said the campaign represents a vital part of the NCA’s strategy to raise awareness of property fraud.
He added:
“Solicitors and conveyancers are the first line of defence in protecting both themselves and their clients from becoming victims.
“Payment diversion fraud is one of the highest harm types of fraud experienced by victims, and when it manifests during a property purchase transaction, it has a huge impact on those who fall victim. Average losses when this happens during a property sale are more than £80,000 – that is a life changing sum to lose for most people – but it also does enormous harm to the trust and faith that people place in the legal and financial systems that they rely on.
“That is why the NCA is actively targeting and disrupting the criminal networks behind payment diversion fraud through investigations and intelligence sharing with international partners. However, prevention remains equally as important as disruptions.”
The NCA is raising awareness with a social media campaign, and has an information sheet aimed at conveyancers and solicitors that can be downloaded here.
Richard Atkinson, president of The Law Society of England and Wales, said the joint campaign will equip solicitors and conveyancers with the knowledge and tools they need to protect themselves and their clients from property fraud.
He commented:
“Payment diversion fraud represents a serious and growing threat to both our members and their clients. Criminals are undertaking increasingly sophisticated methods to commit fraud, often targeting the crucial moments in property transactions when large sums are being transferred.
“We are delighted to be partnering with the NCA on this incredibly important campaign.”
Earlier this week, the Legal Ombudsman shared details of the sanctions it imposed on a conveyancing firm which failed to adequately inform a client of the risks of fraud. When the client fell victim to a payment diversion fraud, the Bridgend-based firm was order to pay compensation of tens of thousands of pounds, including the money lost and the client’s subsequent loss of rental income.
HM Land Registry is also encouraging conveyancers to remind clients about the tools available to property owners, including signing up to the free Property Alert service, applying to add a Counter Fraud restriction to titles, and keeping contact addresses up to date.
The Law Society and NCA campaign is part of the UK government’s Stop! Think Fraud campaign. More details and resources are available at https://stopthinkfraud.campaign.gov.uk
One Response
A good campaign. The NCA and the Law Society are to be congratulated. I attended a cyber resilience centre yesterday on a course. The scale of UK cyber-crime is at pandemic levels.
The new campaign also indirectly highlights the risks of making it easier for cyber-criminals to infect the UK conveyancing system by ‘opening up’ conveyancing data. Surely much better to strangle such ideas at birth?