Whilst the majority of legal areas have felt the impact of fraud, conveyancing seems to be the one that has been hit the hardest.
The large sums of money involved, paired with the often remote nature of the transaction mean it has become a common target for fraudsters, with more and more cases being highlighted in the media. As well as having the potential to destroy a firm’s reputation, a successful attack from a criminal can have a devastating impact on the consumer.
Highlighted in the recent Risk Outlook from the Solicitors Regulation Authority, protection of client funds is paramount, with failure to adopt prevention methods resulting in sanctions for the firm.
So why has fraud become so prominent in the sector and what action needs to be taken to reduce, and eventually prevent it altogether?
In this article sponsored by Lawyer Checker, we explore how fraud in the conveyancing industry has grown and the protective measures firms have adopted, as well as considering how it could be prevented in future.