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Facts & Figures

Facts & Figures about the risks of fraud to the legal sector

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Facts & Figures

75%

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

Email Modification Fraud is highlighted as a key threat to Client Money in the SRA 2019/20 Risk Outlook2

£123.7m

Malicious Redirection scams (including criminals targeting consumers posing as conveyancing solicitors) totalled £123.7m in 2019.3

SRA & Law Society Views

It may be better to ask when, not if, you will be targeted by online criminals.

Legal practices arguably have a duty to protect their clients – who may have no knowledge of such scams whatsoever.

People trust solicitors to look after their money. Failing to keep their money safe has wider consequences for clients and for the reputation of the profession.

High-value transactions, such as conveyancing, are more likely to be targeted by means such as email modification fraud.

Friday afternoon fraud ... is now the biggest cybercrime afflicting the legal sector.

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.

Conveyancing fraud can see people lose their life-savings. We ... want to see firms making sure their clients are aware of the risks.

Cybercrime is now the most prevalent crime in the UK ... law firms are an obvious target. It is the job of firms to take steps to protect themselves and their clients' money. That means training staff and staying vigilant

Most cybercrimes target people rather than systems ... The best defence is to learn, and to train your staff, to ... recognise common scams, such as Friday Afternoon Fraud.

Any firm dealing with client money needs to be aware of email modification fraud, and to have a system to manage this risk.

Invoice fraud could happen to businesses of all sizes. It’s vital that all employees are trained to identify potentially fraudulent transactions...