Scammers are impersonating solicitors and making away with victims' house deposits just before their completion dates. This scam, known as conveyancing fraud, is typically executed by a fraudster hacking into a solicitor’s or buyer’s email account and providing alternative bank details for deposits to be paid to.
Lloyds Bank has warned of a 29% rise in reports of this type of fraud. Victims lost an average of £47,000 and around 45% were aged 39 and under, signalling that first-time buyers may be most at risk.
We explain more about the scam and how to avoid it.
Home deposit scam
Source: Which? (19 Jun 2024)