Important Notice: Fraudsters Targeting The Property Sector 

IMPORTANT NOTICE

It has come to our attention that fraudsters are actively targeting property professionals across the UK with a specific scam.

The FCS team has been receiving a growing number of reports of a similar nature from agents, suggesting that this scam may be more widespread. We encourage all property professionals to please take a moment to read the below:

FRAUD ALERT: Criminals targeting the property sector with fake offers and cloned firms

This is an urgent warning to estate agents, developers, and other property professionals across the UK: fraudsters are actively impersonating agents and cloning legitimate solicitors’ firms to make fraudulent property purchase offers.

These scams are sophisticated, designed to deceive both professionals and clients into believing offers are genuine. In some cases, fraudsters are posing as trusted law firms or well-known agencies, whilst in others, they act without the client’s knowledge, meaning even the person supposedly making the offer may be unaware their name is being misused or that the firm they are dealing with is fake, which could potentially result in the transfer of monies to cloned firms.

What to do to reduce the risk:

• Verify directly: Always confirm offers by contacting the property developer, estate agent, or client directly. Do not rely solely on email communications or messages from third parties.
• Check solicitors’ credentials: Ensure any solicitor you are dealing with is properly registered with the Solicitors Regulation Authority (SRA). You can verify details on the ‘Solicitors Register’ via their website here.
• Scrutinise email addresses: Look for tiny changes that signal fraud, such as additional hyphens, misspellings, or altered domains.
  Review websites carefully: Fraudsters often create cloned websites that look legitimate at first glance, but contain small inconsistencies in design, layout, or URL.
• Look out for language red flags: Poor spelling, unusual grammar, or inconsistent formatting are strong indicators of a scam.
• Be wary of pressure tactics: Criminals often try to rush transactions to limit the time available for due diligence.
• Authenticate representatives: When contacted by a sub agent or buying agent, if it is a firm/person you haven’t dealt with previously, carry out additional checks BEFORE providing any private information.

If you suspect fraud, you must:

1. Pause immediately and do not proceed with the transaction until verification is complete.
2. Report concerns to Action Fraud, the UK’s national reporting centre for cybercrime and fraud.
3. Submit a Suspicious Activity Report (SAR) to the National Crime Agency (NCA).

If you have any concerns or need further information about this scam, please get in touch with our expert team directly on 0207 924 7979 or email: info@fcscompliance.co.uk.