Beware of Friday Afternoon Fraud Scam When Buying or Selling Property, Warns Legal Experts

The process of buying or selling a property can be exciting, but it also requires careful attention to detail. Unfortunately, scammers have found a way to take advantage of the situation, and Friday afternoon fraud is becoming increasingly common. This type of fraud involves hacking into emails and impersonating solicitors to trick home-movers into transferring deposits to fake bank accounts. The scammers choose Fridays to execute their plan because it increases the likelihood that their victims won't spot the scam until Monday.

Property and legal experts have issued a warning to anyone involved in the process of buying or selling a property to be aware of this rising trend.

According to Jonathan Rolande, from the National Association of Property Buyers, the situation has worsened because of the pandemic. With the rise of remote working, it has become easier for the fraudsters to carry out their plan. Therefore, it is essential for buyers to remain vigilant during this time.

Experts suggest that buyers should take extra precautions to avoid falling victim to Friday afternoon fraud. They recommend checking bank account details provided and only using those that have been verified. It is also advisable for buyers to carry out their own checks to detect any signs of a scam. With these measures in place, home-movers can ensure that their property transactions will proceed smoothly, saving them from the stress and financial loss caused by fraud.