Client Blog Post: Conveyancing Cybercrime Challenges Highlighted in Recent SRA Risk Outlook Update


The SRA recently issued an updated Risk Outlook and identified cybercrime as one of the primary areas of risk for the legal profession. For such fraudsters, conveyancing is a juicy target – the lure of high value transactions with correspondence occurring online make it the most popular legal area for criminals.
Over half of all email-modification fraud reported to the SRA is in respect of conveyancing, with £7m of client losses report last year. 25% of legal firms have been targeted by cybercriminals, with 1 in 10 resulting in funds being stolen.
More than ever, solicitors need to be up-to-date, extra compliant and super vigilant – raising their in-house security systems to combat advancing techniques of the fraudsters.
Law firms need to ensure that security is optimised by adopting prevention systems and strategies, and performing checks rigorously. Solicitors must keep an eye on the latest trends and monitor new guidance and legislation, for example the upcoming 4MLD (Money Laundering Directive). Furthermore, in-house training is as essential as technology.
Seymours Solicitors are authorised and regulated by the SRA. We are also accredited by The Law Society for Conveyancing Quality and Lexcel.
Seymours offers clients a wide variety of conveyancing advice and assistance including on buying and selling your home, joint tenancy, declaration of trusts and remortgaging. Contact Rob Fardoe and Team at Seymours Solicitors on law@seymours.co.uk, Coventry 024 7655 3961 | Leamington 01926 350031.
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