Safe Capital is the trusted solution to ensure that each of your clients is aware of the risk of Friday Afternoon and Email Modification Fraud from the outset of their property transaction.
In addition, Safe Capital provides your clients with a simple way to verify they have the correct bank details for your firm, saving you time verifying bank details manually over the phone with each client individually.
Safe Capital helps your firm mitigate the risk of email modification fraud for both you and your clients.
By educating the client and ensuring they have the correct bank details, both the client and your firm are better protected.
Safe Capital also helps your firm to meet its obligations under the Code of Conduct to mitigate risks to client money.
You send your bank details to your client following your own current best practice solution and prompt your client to visit your own website to learn more about the risks they face from fraudsters.
We make this easy for your firm to implement by providing eye-catching fact sheets, which you can include in your client care pack.
Your client completes a short educational exercise using the Safe Capital Widget which explains the risks they face from fraudsters.
Your client is then asked to enter the bank details you included in your welcome pack, along with their case reference number and date of birth.
Safe Capital provides a simple solution that allows your client to verify they have the correct bank details for your firm before transferring funds to you, whilst also educating them about the risks they face - helping you to mitigate the risk to your firm of being involved in Friday Afternoon Fraud.
“Sadly, Cyber criminals are not going away, whilst the Legal Profession have become more aware of Cyber Risk, there appears to be a recent change of approach by Cyber Criminals, as they have now begun to target the clients of the Legal practices rather than the practice themselves.
Having seen a demonstration of the Safe Capital system, my view is that this is a much needed and welcome addition. Anything that proactively helps Legal practices educate their clients with regards to the risks of cybercrime can only be viewed positively. Not only will it assist in mitigating some of the non-Legal risks associated in the Conveyance process, it can help reduce the reputational harm to the Profession if clients have unwittingly transferred moneys to the wrong source.”
Brian Boehmer, Partner Lockton Companies LLP
“Anything that reduces the chances of Client’s funds being stolen during the Housing Sale/Purchase process is to be applauded, given the serious losses to both individuals and insurers over the past few years.”
Edward Donne, Howden Speciality Insurance Brokers
"The threat posed by Cyber-criminals upon the legal community and their clients is sadly unrelenting. Law firms have made great strides in protecting themselves against these threats, but there remains a considerable
exposure to financial loss on the clients’ side, and the solution offered by Safe Capital is welcome and much needed."
Simon Carter, Senior Underwriter, HDI Global Specialty
"Conveyancing is a high risk activity when it comes to cybercrime, with 75% of cybercrime reports to the SRA being Friday afternoon fraud. Fraudulent transactions run into millions every year and criminals exploit every system vulnerability they can find. Safe Capital has made a big difference to our firm by reducing the risk of email fraud as well as reducing client error and is an important weapon in tackling security issues."
Harvey Harding - Managing Director, PM Property Lawyers
The SRA states that:
Solicitors are obliged under the Code of Conduct to maintain effective systems and controls to mitigate risks to ... client money [Outcome 7(4) SRA Code of Conduct 2011] ... As such, there may also be legal and regulatory consequences for the solicitor or law firm after a ... loss of client money. … we expect firms to take proportionate steps to protect themselves and their clients’ money … from cybercrime attacks1
Any firm dealing with client money needs to be aware of email modification fraud, and to have a system to manage this risk.3