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.”
Taking place on Thursday 27th February, at 11:00am, the webinar will cover the following topics:
- Risk overview
- Case Studies
- Examples of where CBAC can protect law firms
- How the search works
- Understanding your result
The 1-hour webinar will be allocated on a first-come, first-served basis. To register for FREE, click here.