Conveyancing fraud costs UK homebuyers
Criminals are intercepting property transaction emails to steal deposits, with 140 cases recorded in a year averaging £78,393 lost.
Criminals are stealing millions from UK homebuyers by hacking email chains and diverting deposits to fraudulent bank accounts. This conveyancing fraud, often called 'Friday afternoon fraud', resulted in an average loss of £78,393 per victim between April 2024 and March 2025, according to data from Report Fraud.
Report Fraud, formerly Action Fraud, recorded 140 specific property-related cases in that period. In the worst instance covered by the Guardian, a buyer lost £300,000. Overall, scams involving payments to the wrong account cost victims £101m across 3,657 cases in the 2025-26 financial year. The City of London police warns the fraud is not limited to purchases, with renters and those involved in probate transactions also reporting losses.
What the scam looks like
The fraudulent email appears identical to one from a legitimate solicitor or estate agent. It requests an expected payment, though often earlier than anticipated. The message may state the firm has new bank details and urge quick action.
If the solicitor's email has been compromised, the message can come from their genuine address. More commonly, fraudsters use a spoofed address with subtle differences, like a missing letter or extra punctuation mark. Criminals often time these attacks for the end of a sale, frequently before a weekend, to pressure victims.
How to protect yourself
Do not post about an impending move on social media, as this can alert fraudsters. Secure your email account with a strong password and additional protections like two-factor authentication. Avoid checking transaction emails on public wifi networks, which provide an access point for criminals.
If you expect to exchange contracts soon, obtain your solicitor's bank details in person or via a phone call you initiate. Treat any message suggesting changed bank details with extreme suspicion and verify it directly. Heed any warnings from your bank during a transfer, especially if the account name does not match. Contact your bank immediately if you send money to a fraudulent account.
The high sums involved in property transactions mean criminals need only a few successful attempts to profit substantially. Vigilance at every stage of the fixtures process is crucial to avoid becoming another statistic in the stats on financial crime.
