‘Friday afternoon fraud’: warning for UK homebuyers on bank scams
Summary
Criminals are tricking UK homebuyers by sending fake emails that look like they come from solicitors, asking buyers to transfer deposits to the wrong bank accounts. This type of fraud, called conveyancing fraud, costs victims large amounts of money, sometimes hundreds of thousands of pounds.Key Facts
- Conveyancing fraud involves criminals hacking email chains between homebuyers, solicitors, or estate agents to request payments to fake accounts.
- This scam often happens late on Fridays before weekends, earning the nickname "Friday afternoon fraud."
- In the 2025-26 financial year, there were 3,657 scams of this type, costing victims £101 million in total.
- From April 2024 to March 2025, 140 property fraud cases were reported with an average loss of £78,393 per victim.
- Fake emails may claim that solicitors have new bank details and pressure victims to pay quickly.
- Fraudsters may use hacked or very similar-looking email addresses to appear legitimate.
- Experts advise to verify bank details in person or over the phone, avoid public Wi-Fi when emailing, and use strong passwords with added security for email accounts.
- Victims should immediately contact their bank if they suspect or realize they made a fraud payment.
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