Alert over fraud that could lead to 'huge financial loss'

Alert over fraud that could lead to 'huge financial loss' View Image

Households have been warmed over a surge in payment diversion fraud, also known as conveyancing fraud. City of London Police and Action Fraud, the national centre for reporting fraud and cybercrime, are urging the public to stay alert.

This type of scam typically involves fraudsters posing as solicitors or estate agents to intercept large financial transfers during property transactions.

From 1 April 2024 to 31 March 2025, Action Fraud received 143 reports of conveyancing fraud, resulting in losses totalling £11.7 million. The majority of these cases involved residential property transactions, accounting for 140 reports and £10.97 million in losses, with an average loss of £78,393 per case.

In an email warning about