A consumer has been left almost £600,000 out of pocket after falling victim to a conveyancing scam. According to the Telegraph Money, this is most significant loss resulting from this kind of fraud ever reported by the paper, leaving the consumer feeling that “his life has been destroyed”.

Read full story: Consumer loses £600k in conveyancing scam – Today’s Conveyancer

Since being duped by the fraudster, the restauranteur who does not wish to disclose his identity said his bank has not given him further information “of any substance”.

Telling the paper that he felt pressure to transfer the funds as soon a possible, the consumer borrowed money from his own company before making a bank transfer to an Ulster Bank account of £593,055.20. This was in line with the instructions from the fraudster.

The nature of the fraud only emerged when the consumer discovered that the solicitor at Langley’s was completely unaware of the transfer. It was then reported to Ulster Bank, Natwest and Action Fraud.

Despite immediately raising the alarm, the victim stated that “No one seemed to have any record of my name, reference number and the case. And I’ve no idea what to do.”

As similar cases have made clear in the past, this highlights the importance of encouraging consumers to correspond with their solicitor over the phone or, if possible, in person prior to sending any funds.

Where there is any doubt, it is always recommended to remind clients to contact the legal professional directly rather than use details included in an email or text.

 

Read full story: Consumer loses £600k in conveyancing scam – Today’s Conveyancer