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.
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.
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.
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.