House sale fraud as criminals hack into solicitors' emails

http://www.yorkpress.co.uk/business/news/13655576.York_lawyers_lead_fight_against_house_sale_fraud_as_criminal_gangs_hack_into_solicitor_s_emails/?ref=mac

9 September 2015

Several cases involving millions of pounds have come to light where criminals have used techniques including hacking into the email accounts of solicitors acting for home buyers, and sending bogus emails requesting bank account payment on completion.

Only when the transaction on the day of completion has failed have the homebuyers and solicitors found that the emails and bank details were false and that their cash was diverted to a criminal account.

UK companies are very lax in handling email and other internet accounts as I know very well from my work on car dealer frauds, and I doubt they fully understand the potential implications of getting hacked by criminals.

If the hackers pose a risk to solicitors the threat is very serious, and I have seen reports of it happening, though they will be reluctant to have such details made public. The potential rewards for a criminal are mouth watering and it's a lot less effort than posting car adverts every day. You just collect the clients' money. I won't spell out how it's done but that knowledge is out their in the criminal world and any companies that don't protect their accounts will lose a lot of money very quickly.