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The trusted solution to allow your clients to verify your bank details before sending you funds

What is Safe Capital?

Safe Capital is the trusted solution that allows clients to verify your bank details before sending you funds

For Your Clients

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.

For Your Firm

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.

How does it work?

Our Simple Three Step Process

1

You send your Bank Details as usual

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.

2

We educate your client about fraud risk

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.

3

We record fraud training has been completed

Why use Safe Capital?

Criminals are altering emails between the client and their lawyer which contain bank details in order to redirect funds to their own bank account.

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.

How big is the problem?

75%

75% of cybercrime reports to the SRA are Friday Afternoon Fraud1

50%

More than half the value of all indemnity insurance claims by solicitors relate to conveyancing2

85%

85% increase in thefts of property deposits in 20162

The SRA Risk Outlook 2018/19 highlights Protecting Client Money as one of the major risks that law firms are currently exposed to.4

£10.7m

In 2017 £10.7m of client money was reported as lost to cybercrime4

£123.7m

Malicious Redirection scams (including criminals targeting consumers posing as conveyancing solicitors) totalled £123.7m in 2018.5

What people say about Safe Capital

Testimonials

“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

How does Safe Capital help?

Safe Capital helps your firm mitigate the risk of Friday Afternoon Fraud

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

Safe Capital provides a way for clients to verify that your bank details are correct through your own website, helping your firm to mitigate the risk of email modification fraud.

See how the Safe Capital Widget works in practice on your own website by following the three steps below

Test the Safe Capital Widget below

1

Pretend we send you our Bank Details

In this example pretend we have sent you the following bank details by email and you want to check they are valid:
Case Reference: 54321
Date of Birth: 01/10/1980
Account number: 12345678
Sort-Code: 12-13-14
2

You need to check the Bank Details

Follow the same steps your client would - learning about the fraud risk they face, before checking they have the correct bank details
3

Now send us funds (not really!)

Have a question?

We will be happy to help! Get in touch using your preferred contact method below.

Write to Us

Safe Capital, 22 Manor Road, Bishopsteignton, Teignmouth, Devon, TQ14 9SU