How can you avoid falling victim to payment fraud when buying or selling?

When you’re buying or selling your home, one of the last things you will probably think about is the possibility of your hard saved money being “stolen”.

But with “authorised push payment fraud” (http://www.bbc.co.uk/news/business-43413917) on the increase, it’s vital that everyone is on their guard.

More and more people are sadly falling victim to this crime. Authorised push payment fraud happens when fraudsters manage to intercept email communications and deceive individuals into sending payment to a bank account controlled by the fraudster.

These type of payments are often made on a “same day” basis and, once made, are not easily reversed. The fraudsters are usually long gone, with the money, before the fraud has even been detected.

So what can you do to try to avoid falling for this type of fraud?

Here are some key actions you should always take:

1. NEVER rely solely on bank details given in an email. 
2. ALWAYS verify the bank details via another source; eg a phone call to the sender of the email, using a telephone number you know to be genuine.
3. When dealing with your solicitor, try to ensure you receive details of the account to which money needs to be sent directly from them, in a letter or in person at their offices.
4. If you receive notification about a “change of bank account”, be ultra-suspicious and take no further action until you are 100% certain that it is correct.
5. Transfer a small amount of money initially, to be certain it is safely received, before sending larger sums, such as the whole of the deposit monies.

We are constantly aware of the risks of fraud and if you have any concerns about it, please call any one of our property team on 0113 264 4414 who will be able to help talk through any issues.