SortRefer has told brokers and consumers to adopt “a bit of extra caution” against fraudsters.
SortRefer has told brokers and consumers to adopt “a bit of extra caution” against fraudsters.
The service portal warned that security breaches are most likely on the client’s side rather than the solicitor’s and warning lights should switch on if a law firm requests for its bank details to be changed.
Kevin Tunnicliffe, SortRefer’s managing director, said: “Suppliers on the SortRefer panel regularly review their security protocols and all adhere to the highest industry standards in all aspects of the business however a potential security breach is far more likely to occur on the client side than that of the solicitor.
“The key message to give clients is to remain vigilant when transferring large amounts of money. A law firm will never change its bank details, so if any of your clients receive a message to the contrary, they should make contact with their case handler immediately to check the validity. We are understandably trusting of our law firms, but a little bit of extra caution by both broker and client can ensure that fraudsters do not take advantage. It can be heartbreakingly expensive if we don’t.”
This is the latest word of caution on cyber breaches, as last month the Mail Online published a story about a newlywed couple who lost their £45,000 deposit for a three bedroom home after sending the money to a hacker rather than the solicitor.
In that case the hacker monitored emails between the buyer and solicitor before sending a fraudulent email from the solicitor’s address.
Robert Rutherford, chief executive of IT consultancy QuoStar, said: “Almost all law firms continue to rely on email to share the firm’s bank account details… but this approach leaves both parties extremely vulnerable to fraudsters.
“In order to combat this threat, solicitors must utilise more secure methods to share such crucial and confidential information with their clients.
“Email encryption technologies and using secure online portals for communication are relatively simple and cost-effective ways to reduce the level of risk quickly.
“Solutions like these must be implemented in earnest, as firms can no longer afford to make any assumptions when it comes to the security of their business or their business or their clients’ funds, let alone their reputation.”
