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Would you consider a cyber security certification for your business?


Yes, it's a potential USP, you can't put a price on that
No, it's not worth the time investment
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Yes, it demonstrates my commitment to the security of the data I hold
 
 
Icon representing NFIB Alert re Conveyancing Fraud
 

NFIB Alert re Conveyancing Fraud

MANDATE FRAUD- CONVEYANCING FRAUD

The National Fraud Intelligence Bureau (NFIB) is continuing to see reports where parties involved in house purchases are targeted to divert funds to bank accounts under the control of fraudsters, resulting in large losses for solicitors or individual purchasers.

How is the offence committed?
The fraudster will initially hack into the communications sent between the conveyancer and their client, who is buying or selling a property. The fraudster, purporting to be one of the parties, sends a spoofed or mimicked email to the other confirming a change in the bank details used for the deposit of any transaction proceeds. The purchaser then transfers the sum of money into the new bank account, which is controlled by the fraudster, leaving the solicitor or client at a substantial financial loss.

The social engineering element in this fraud type is such that the email from the fraudster does not raise any suspicion or seem out of context with previous correspondence between the parties. This indicates that the fraudster may have been monitoring previous communications.

PROTECTION / PREVENTION ADVICE
 Review internal procedures regarding how clients are permitted to amend the bank details held for them.
 Do not feel pressured into changing any bank details.
 If you receive an email stating a change in the bank details don’t be afraid to question its authenticity. Check the email address carefully and if in doubt request clarification from an alternatively sourced email address/phone number.
 At the commencement of the conveyancing process agree the terms to which any changes in bank details will occur, such as in person.
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July 12th 2016 10:45