Is the Legal Community Doing Enough to Protect Home Buyers From Fraud?

Published on 27/04/2016

On 23rd April 2016 The Telegraph published an article citing further instances of buyer deposit redirection fraud and was critical of the legal community. The Telegraph commented "Telegraph Money disclosed the first cases of this fraud 12 months ago in May 2015. Since then, the legal community has done little to protect homebuyers and sellers. Fresh cases continue to emerge, with this newspaper being aware of at least three six-figure losses arising since February."

This article covers another unfortunate example of buyer deposit redirection fraud which continues to escalate rapidly with no signs of fraudsters losing interest in this criminal opportunity. So what has the legal community done to protect homebuyers and sellers? In the last few weeks the Safe Buyer Scheme has registered over 350 conveyancing firms who have responded to this threat to offer protection to their customers through our Safe Buyer product. Safe Buyer is the only buyer deposit protection product to have prevented this type of fraud and is endorsed by conveyancers, lenders and conveyancing professional indemnity insurance providers. Safe Buyer is free for conveyancers to use to discharge their duty of care, whilst their clients are free to decide whether to purchase Safe Buyer or proceed without it at their own risk.