We would like to invite you to our next webinar in association with Lawyer Checker:
How can you be sure you’re transferring funds to the right account?
Tuesday 25th August, 2020 11:00 AM – 12:00 PM BST
Join us to find out how utilising the Consumer Bank Account Checker will enable you to enhance your risk management and demonstrate compliance with The Conveyancing Protocol, which states in section A point 3:
“Obtain evidence that the bank account is properly constituted as an account conducted by the seller for a period of at least 12 months. Confirm that remittance will be made to that account only.”
Whether sending or receiving client monies, Consumer Bank Account Checker validates the source or destination of funds. 69% of UK firms have been hit by cybercrime; it’s no longer a case of ‘if’ but ‘when’. Consumer Bank Account Checker is an additional step to a robust risk management procedure.
Examples of where Consumer Bank Account Checker would protect you:
- Human error
- Client impersonated either by phone, email or in person
- Elderly client, family member helps fill out the paperwork
- Portal/E-Forms details compromised
- You already have one process to ensure funds are remitted to the client’s bank account. If this process breaks, what happens?
Priced at only £3.00 inc VAT, Consumer Bank Account Checker is an important part of your due diligence in preventing criminals from redirecting funds. The result currently confirms the name, bank account details, address and ownership of an account before you send funds to a client.
NEW ‘Traffic Light System’ to alert you to the age of the bank account. The report will now flag accounts which have been open for less than 12 months.
When fraudsters intercept law firm communications and conduct cyber-crime, the accounts to which they redirect funds are often opened and closed quickly to avoid lengthy paper trails and detection.