Your firm and its clients are being targeted by cyber criminals. Safe Capital helps your law firm mitigate the major fraud risk that your firm faces today - Email Modification and Friday Afternoon Fraud.
It may be better to ask when, not if, you will be targeted by online criminals.
High-value transactions, such as conveyancing, are more likely to be targeted by means such as email modification fraud.
Email Modification Fraud is when criminals intercept and make changes to emails between a client and their firm, or else send entirely new emails that look like they came from either the firm or the client. The fraudster's objective is to fool the recipient into performing certain action - for example revealing sensitive information or transferring funds to a false bank account.
Friday afternoon fraud ... is now the biggest cybercrime afflicting the legal sector.
Friday Afternoon Fraud is where the criminal tries to redirect money being transferred between you and your client to their own bank account instead. It’s called Friday Afternoon Fraud, because this type of fraud is seen most often in conveyancing transactions - with attempts mostly taking place on Friday afternoons - the most common time for completions.
Any firm dealing with client money needs to be aware of email modification fraud, and to have a system to manage this risk.
Legal practices arguably have a duty to protect their clients – who may have no knowledge of such scams whatsoever.
One common threat is email modification fraud ... If you tell your clients about this and make sure you know each other's real details, then you can help them to protect themselves.