Don’t Get Hooked by Friday Afternoon Fraud During Your Home Purchase or Sale

Buying or selling a home is an exciting milestone, but it’s also a time when emotions run high—and unfortunately, cybercriminals know it. One of the sneakiest types of fraud, known as “Friday afternoon fraud,” specifically targets property transactions, and victims stand to lose thousands of pounds in an instant. Here’s what you need to know about this alarming scam, including simple ways to protect your money and your peace of mind.

The Scam You Need to Watch Out For

Picture this scenario. All the hard work of selling or buying a property is behind you—the negotiations, the paperwork—and your solicitor tells you the funds are ready to move. That’s when the hackers strike.

What happens is this: somewhere along the line, a hacker has intercepted the email communications between you and your solicitor. They’ve been watching patiently, gathering just enough information to convince you (or your solicitor) they’re the real deal. Right at the last minute, they email updated bank account details—often pretending to be the solicitor or even you. If this ruse is successful, the money is transferred directly into the hacker’s account, and it could take weeks, even months, before anyone realises what’s gone wrong.

This isn’t science fiction. It happened to one solicitor, costing their client £290,000, and the story doesn’t end there. The consequences included investigations, fines, and professional embarrassment. Even if the money is replaced by insurers, the stress and delay caused can be immeasurable. The good news? You can take steps to prevent this from happening to you.

How You Can Protect Yourself from Friday Afternoon Fraud

It’s common to feel overwhelmed by the financial and legal side of buying or selling a home. However, taking a few extra steps can go a long way toward protecting your biggest investment. Here’s what you need to do:

1. Question Everything

Cybercriminals rely on routine and trust. They’re hoping you’ll act quickly, especially when you’re eager to finalise your house move. To throw a wrench in their plan:

• Always ask yourself, “Am I expecting this email?” If it’s out of the blue or involves last-minute changes to bank details, treat it with caution.
• Carefully check the sender’s email. Often, hackers use a slightly altered email address (like replacing a lowercase “i” with a “1”).
• Scrutinise attached documents and links. If something feels off, don’t open it until you’ve verified its authenticity.

If you’re unsure, treat it as a red flag—slowing down can save you a fortune.

2. Keep an Open Channel with Your Lawyer or Solicitor

Good communication with your solicitor is crucial. Before you even begin the buying or selling process:

• Confirm their firm’s standard procedures for handling sensitive information, including how they’ll share bank details and send important updates.
• Ask directly if they’re aware of Friday afternoon fraud and how they protect clients from it.

Once the process is underway, if you receive an email claiming to be from them, don’t reply immediately. Instead, call them directly on a number you know to verify it’s legitimate.

3. Never Rely on Email Alone

When it comes to transferring funds, you should treat email instructions with skepticism. Best practices include:

• Verifying details by phone. Before transferring any money, call your solicitor or conveyancer at a verified number to double-check the account information.
• Avoiding any numbers provided in suspicious emails. Instead, use contact information from earlier trusted communications or their company website.
• Discussing the account details in person at an earlier stage of the process, if possible.

Treat emails with sudden or last-minute account changes as a flashing warning light. There’s an excellent chance it’s a scam.

4. Educate Yourself and Your Family

Make sure everyone involved in the buying or selling process understands the risks. Remind them that:

• Your solicitor will never change their bank account details via email.
• You should never rush financial decisions, no matter how urgent things may feel.

Sob stories in fraudulent emails or attempts to create false pressure (“Act fast, or you’ll lose the deal!”) are just tricks—don’t fall for them.

5. Report Suspicious Activity Immediately

Mistakes happen, and if you suspect you’ve been targeted by fraud, don’t delay. Report it immediately to:

• Your solicitor, who can take steps to try recovering the funds.
• Your bank’s fraud team, who may be able to block or reverse the transaction.
• Action Fraud, the UK’s national reporting center for fraud (0300 123 2040).

The sooner you alert the right people, the better chance you have of limiting the damage.

Red Flags to Watch For

Here’s a quick cheat sheet of warning signs to help you spot a potential scam:

• The email comes at an odd time (late Friday, early Monday morning, or out of hours).
• There’s a sense of urgency pushing you to act quickly.
• The email address looks slightly different, or there are typos in the message.
• Payment instructions change without a clear explanation.

Rely on your instincts. If something doesn’t feel right, it’s worth pushing pause and digging deeper.

Building a Safe Path to Your New Home

Taking the plunge into buying or selling a property is thrilling, but it’s not without its risks. Scams like Friday afternoon fraud remind us all to stay sharp during the process. By keeping the lines of communication open with your solicitor, being skeptical of email instructions, and knowing the red flags to look for, you can ensure your financial security and focus on building your future in your new home.

Don’t take shortcuts when it comes to protecting your money—this is one aspect of buying or selling a property where a little extra vigilance makes all the difference. Stay safe, stay informed, and remember, you have the power to outsmart the fraudsters.