UK homebuyers are being urged to be vigilant against a scam known as 'Friday afternoon fraud', where criminals intercept email communications to trick individuals into transferring funds to fraudulent bank accounts. This type of conveyancing fraud has led to significant financial losses for victims.
The scam typically involves criminals gaining access to email exchanges between homebuyers and their solicitors or estate agents. They then send fake emails requesting payment to a bank account under their control. While sometimes a solicitor's email may be hacked, often the homebuyer is targeted through phishing.
Report Fraud, formerly Action Fraud, reported 3,657 scams involving people being persuaded to pay into the wrong bank account during the 2025-26 financial year, resulting in a total loss of £101 million. Conveyancing fraud is a subset of these incidents.
Between 1 April 2024 and 31 March 2025, Report Fraud recorded 140 property-related cases, with an average loss of £78,393. One extreme case saw a homebuyer transfer the entire £300,000 purchase price to a fraudulent account. City of London police have also warned that this fraud extends beyond purchases to renters and probate transactions.