Conveyancing search provider, Property Search Group, asked Lawyer Checker to explain the importance of protecting from the risk of fraud during the conveyancing process.
Hackers are becoming increasingly sophisticated, as technologies become progressively shrewd in exploiting simple deficiencies within an organisations security that leave them exposed. It is hard to deliver complete piece of mind, but awareness of ongoing issues that could affect and have affected law firms in the past is no longer enough.
Firms need to have a solid plan of action to improve their cyber security policies.
It is clear that no matter how strong your network, the weak link will always be an employee within the firm. Any one of these users has the ability to unknowingly let a hacker into the system and cause potential devastation.
A recent survey carried out by LexisNexis has reported that law firms rely on email more than any other form of communication to collaborate with clients and third parties on privileged information. Worryingly, only 22% (of the sub 100 law firms) reported the use of email encryption.
New figures released by the National Fraud Intelligence Bureau show that there were 91 victims in the first 10 months of 2015. Conveyancing fraud figures now show that every single week, two scams are successful, earning criminals around £250,000 with each small effort. The Police can confirm that crime has occurred, but it’s increasingly challenging to pursue a faceless entity.
Victoria Cope, Client Relationship Manager at Lawyer Checker explains: “On any given day there is just over £1bn of daily money movement in the conveyancing industry, which shows just how much opportunity there is for a criminal wanting to intercept funds.
“Insurance broker Locktons state that 70% of all PI claims relate to conveyancing which makes conveyancing the highest risk of area of law. It is more important than ever for all involved to ensure that all processes are strong in terms of compliance and risk management. Lawyer Checker is the only company that does account and entity checks on the firm associated with the bank details. With a very clear focus on the conveyancing industry from criminals, Lawyer Checker can help manage the risk associated with transmitting funds.”
The Lawyer Checker Account and Entity Screen risk management report is available from PSG.
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