Almost six in ten property law firms say that cyber crime poses a big threat when handling property transactions – but only a minority have done much about it.
A total of 58% ‘strongly agree’ that cyber security is a concern at their own organisation, but just 13% have spent much time and money making their communications safer.
The ‘Friday afternoon’ fraud in which people moving house are tricked into transferring their deposit to the bank accounts of fraudsters, has become one of the most significant of all cyber crimes.
One buyer, Howard Mollett, had £67,000 stolen after cyber criminals intercepted emails between him and his conveyancing solicitor.
Mollett claims that his solicitor had not warned him about the risk.
In January, the High Court ruled that law firm Mishcon de Reya should hand over more than £1m after a client was conned into ‘buying’ a property from a tenant pretending to be the owner.