London: Homebuyers are being warned about a growing form of property fraud in which criminals intercept or imitate communications between buyers, solicitors and estate agents to divert large payments into accounts they control.
The scam often occurs towards the end of a property transaction, when buyers are preparing to transfer deposits or the remaining purchase funds. Fraudsters send messages appearing to come from a solicitor or estate agent, providing bank details for the expected payment.
In some cases, criminals gain access to a solicitor’s email account. More commonly, they target buyers through phishing attempts and use information from compromised email accounts or correspondence to make their messages appear genuine.
The scam is often referred to as ‘Friday afternoon fraud’ because criminals may target transactions approaching completion before a weekend, when buyers can feel under pressure to make payments quickly.
The financial consequences can be severe. Report Fraud recorded 3,657 cases involving victims being persuaded to transfer money to incorrect bank accounts during the 2025-26 financial year, resulting in total losses of £101 million.
Property fraud cases accounted for 140 incidents between April 1, 2024, and March 31, 2025, with victims losing an average of £78,393. Authorities have also reported similar scams involving renters and probate transactions.
How the scam works
Fraudulent emails can closely resemble genuine correspondence from a solicitor or estate agent. They may request an expected payment, sometimes earlier than anticipated, and claim that the firm has changed its bank details.
Fraudsters may use a spoofed email address that differs from the legitimate address by only a letter, number, or punctuation mark. In other cases, a compromised genuine email account may be used.
How buyers can protect their money
Property buyers should independently verify payment instructions before transferring any large sum. Bank details should be obtained directly from the solicitor, either in person or by calling the firm using a trusted telephone number.
Any message claiming that a solicitor or estate agent has changed its bank details should be treated with caution and verified separately. Buyers should also secure their email accounts with strong, unique passwords and two-factor authentication where available.
Using public Wi-Fi to access sensitive email accounts should be avoided, as it can create additional security risks. People preparing to move should also avoid publicly sharing details about their property purchase or moving plans on social media, as such information could help criminals identify potential targets.
Banks may issue warnings when the account name does not match the intended recipient. Customers should stop the transaction and verify the details if such a warning appears. Anyone who has transferred money as a result of suspected property fraud should contact their bank immediately and report the incident to the relevant fraud authorities.
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