The government has announced that it is consulting on ways of improving cyber security for British business after a number of high-profile attacks.
The conveyancing industry has long been wary of cyber attacks and cyber fraud in an area of law where large sums of money are routinely transferred. We take a look at how your conveyancing transaction will be protected from cyber attack and what steps will be required from you to maximise security.
Cyber security in conveyancing transactions
On the sale or purchase of a property, money is routinely moved from clients to their conveyancer, from mortgage lender to conveyancer and between law firms. To keep transactions secure, robust cyber security protocols will generally be in place. As a client, you can keep yourself safe by following some simple guidelines.
Bank details
Bank details will generally be provided to you in an initial letter of engagement and it is unlikely that these will change during the transaction. If you are asked by email to send money to a bank account, you should ignore this and speak to your conveyancer in person. You should never reveal any security information to anyone, although your conveyancer will need certain identification and other information from you (see below) which will be dealt with securely.
Identity checks
As part of their security protocol, your conveyancer is required by law to establish your identity. This will generally be done by you bringing original security documentation into your conveyancer’s offices. You may also be asked to provide ‘proof of funds’, such as showing your bank statement. This information should not be sent by email or given to anyone over the phone. Ideally, you should take it in person. Failing that, registered post is more secure than email.
Buying vacant property
If the property you will be buying is vacant, you should let your conveyancer know so that they can take extra precautions to ensure that the purported seller does legally own the property.
Information provided in emails
If you need to send us sensitive information by email, do not state what this is in the subject line of the email. You can also split the information and send it to us in different ways, for example, partly by email and partly by telephone.
Stay aware and check if you are unsure about anything
If anything about your transaction doesn’t feel right, speak to your conveyancer. In particular, be alert to urgent messages asking you to transfer funds quickly to stop your purchase from falling through.
Always check that the emails you receive are from the exact email address that you expect and, if not, do not open them or click on any links. Fraudsters will often use an email address with a single letter difference so that at a glance they appear to be genuine.
Make sure you use strong passwords and that they are different for every account. Use two-factor authentication (2FA) wherever possible and avoid using public Wi-Fi.
New government proposals
The government is working to improve cyber security for all British businesses in recognition of substantial threats. Improvements on the reporting of cyber security incidents are likely to be required as well as reforms to legislation.
Conveyancers have long been aware of the need for tight cyber security. Combined with vigilance on the part of clients, reputable law firms are working to minimise the risk.
Check out our new conveyancing cyber security guide for clients >
Contact us
If you would like to speak to one of our expert property lawyers, ring us on 0333 305 5189 or email us at clientservices@lpropertylawyers.co.uk
