It's no secret that fraud exists in many different guises and that we need to keep our wits about us when clicking on links and giving out personal or bank account information but what has increased in recent months is email scams using seemingly legitimate and sophisticated information. This article from Today's Conveyancer explains how increased impersonation fraud targeting customers of law firms is concerning.
A UK Finance report indicates that the criminal underworld was reported to have defrauded UK account holders out of over £123 million last year by way of ‘email malicious redirection fraud’. This type of fraud is not about getting an email from a Prince in a far away land, asking you to send him money so he can transfer an even larger sum to you. Instead, this is where a fraudster, for example, sets up an email domain very similar to an existing company and then targets that company’s clients or customers with a different bank account for payment. The difference in the email address can be very subtle; firstname.lastname@example.org could be changed to email@example.com and if someone is expecting a bill from their solicitors, will they be looking that closely?
Find out more about this type of scam and how it is affecting firms here.