In light of our recent industry survey results, where cybercrime/ID theft was identified as the biggest concern for conveyancers, we would like to invite you to our free webinar, in association with Lawyer Checker, on how to help combat funds transfer fraud with an added check in validating clients’ source of funds.
Designed to help your firm improve its defences, Consumer Bank Account Checker is an additional step to a robust risk management procedure, giving an extra layer of protection when remitting sales proceeds to your client, to avoid liability and adhere to the SRA Code of Conduct Principle 10.
When law firms send money to clients, how do they really know whose account it is?
At any one time, 11,000 criminal organisations are actively targeting the legal sector with the intention of infiltrating law firms and redirecting funds remitted to clients, according to HM Government. With regular alerts of funds interception, it is no longer a case of if, but when.
Lidia Quinlan, our Head of Sales, explains:
“We’re so pleased to add Consumer Bank Account Checker to our range of products which help protect against cybercrime and ID theft. There’s no getting away from its necessity, as residential conveyancing is an increasingly lucrative target for criminals; the results from our industry survey only reinforces lawyers’ concerns around this. According to the SRA, the average loss is £60,000 of client money for successful cybercrime attacks, and the cost to firms range from £4k-£22k.
“Many firms already have a process in place to ensure funds are remitted to the client’s bank account, but what happens if this process breaks? There are many ways a process could be compromised, from human error to client impersonation. CBAC is an extra step to protect your firm against the devastating effects of fraud and, in my opinion, is a must for all involved in conveyancing.”
Tom Lyes, Key Relationship Manager, Lawyer Checker comments:
“We are delighted to extend our relationship with OneSearch Direct that will enable customers to order Consumer Bank Account Checker direct from the OneSearch ordering system. We know that criminals have increasingly targeted the journey of money from law firm to client and we believe this product provides an important layer of protection for firms against this threat.”
Webinar details
Taking place on Thursday 27th February, at 11:00am, the webinar will cover the following topics:
The 1-hour webinar will be allocated on a first-come, first-served basis. To register for FREE, click here.
We’re delighted to launch a new initiative to keep conveyancing on the high street and boost long-term client retention rates. Available to our partner law firms, we are offering access to Conveyancing Alerts, which notifies your firm when a property you have previously (in the last 6 years) bought for one of your clients is put back on the market for sale. This alert creates a proactive approach in retaining clients across the home moving cycle.
With real-time data updated daily, Conveyancing Alerts allows you to contact your client early in the sales process, avoiding referral fees, with a view to retaining their business for the sale of the property and, potentially, for any associated purchase.
You’ve already built a trusting relationship with your client, and they may have every intention to return to you for their next transaction. However, there are various reasons clients can “jump ship”, not least being swayed by other professional or personal recommendations. This is where Conveyancing Alerts comes into its own: it allows you to get your foot back in the door and engage with those who have first-hand experience of your exemplary service.
Feedback from other firms has been overwhelmingly positive. Their former clients are pleased that the listing has been noticed and have complimented firms on their proactive stance. Being able to remind them of the benefits of instructing your firm again when you already have their purchase file will put you in the best position for securing long-term loyalty.
Firms using the service have satisfied themselves that they are complying with a) GDPR legislation using Legitimate Interest as the basis for processing their former client data and b) the SRA Publicity Code which in version 21 excludes current and former clients from the prohibition on unsolicited approaches.
For further details and a count of how many of your former clients listed their properties for sale in 2019/20, call us today on 01782 433 270 or email MAskew@onesearchdirect.co.uk.
Click here to view the product card
House sales are suffering due to massive delays at some Local Authorities. What’s worse is when the search brings back issues that require further investigation, such as enforcement notices or unknown planning decisions. That’s when the whole transaction is at peak risk of collapse.
We are already significantly faster than many councils (and this can be verified when adding searches to your basket on our ordering portal, as we always state turnaround times on our products), however, there are other options when time is of the essence. We can save your transaction through No Search Insurance, or through our revolutionary two-part search: OneSearch Duo.
OneSearch Duo is our two-part search, which returns most CON29 results within 24 hours. Part A: Alert allows you to make earlier enquiries on any issues that may be flagged up, before your Part B: Prime Regulated Local Search is returned in full.
Part A: Alert
Contains real-time Local Enquiries information captured by our in-house data team, usually returned within 24 hours.
Part B: Prime
This is the full Regulated Local Search, which consists of enquiries obtained from the Local Authority.
OneSearch Direct are currently the only company to hold a national database of most of the available CON29 data on every property in England and Wales. No other search provider has this unique dataset.
Now that you can easily obtain most CON29 enquiries back within a day, and help move your client’s progress along in a way that was previously unheard of, the question is: Why wouldn’t you use OneSearch Duo?
Click here to view a sample report and product card.