Published on 13/01/2016
Paragon Mortgages (or Mortgage Trust as they are also known as) has become the first Lender to protect their customers from Fraud using the Safe Buyer Scheme.
In an official statement to their conveyancing panel Paragon announced “Paragon has assessed available tools that help reduce the risk to our customers and we now require all our panel conveyancing firms to register and use the Safe Buyer product which allows our customers, before they transfer money to their conveyancing firm, to verify the bank account details that they have received are genuine. This will significantly reduce the risk of our customers sending money to a bogus conveyancing firm.”
Paragon added “Our customers are at the heart of everything we do and we are committed to protecting them against this type of crime. We have already asked our panel of conveyancers to register with the Safe Buyer Scheme so our customers can use the bank validation service. We're also pleased to announce that we will be funding the cost of Safe Buyer so all our customers can check their conveyancing firm’s bank account details at no cost to them.”
This Buyer comes as a result of lengthy development and testing of the Safe Buyer Scheme in collaboration with several lenders who are obliged to protect their customers from fraud.