Friday Afternoon Fraud

Friday afternoon fraud is a type of house deposit fraud that typically occurs on a Friday – this is because this is when the majority of property sale completions occur and is when the buyers are required to send over their final deposit payment to their estate agent or vendor. 

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What Is Friday Afternoon Fraud?

Friday Afternoon Fraud is a particularly vicious form of deposit fraud, in that the scammer will often be working for many months to impersonate the estate agent or vendor, having gained access to the victim’s email address and then working to deceive them. 

The fraudster will then monitor their emails. In most cases, the scammer will contact the buyer and pretend to be the solicitor. They will then ask for payment, which the victim will happily send over, thinking that they are doing so with their it is a scammer using the solicitor’s account. They will think they are transferring the deposit to the solicitor when in reality, they are transferring it to a scammer. 

By carrying out Friday Afternoon Fraud on a Friday, scammers are well aware of the fact that this makes recovery of the funds difficult for the victim, with many having to wait until Monday to rectify this with their banks and, by then, the money is seemingly long gone and banks are often unable, or unwilling, to help. 

Friday Afternoon Fraud is difficult to avoid. At Wealth Recovery, we have worked on numerous cases of deposit fraud. We have also worked on some cases where the fraudster gains access to the buyer’s account. There have also been other cases where the fraudster will call the buyer, asking for a deposit to be paid before and will share fake bank account details which the scammer has access to. 

What Are Banks Doing About Friday Afternoon Fraud? 

Friday Afternoon Fraud is difficult to avoid, but it can be hugely life-changing and devastating for victims. The sum of the scam is likely tens of thousands of pounds, seemingly lost in an instant. Banks are working to reduce the number of Friday Afternoon Fraud cases but at Wealth Recovery Solicitors, we still see these cases come through. 

There are two ways in which you can send your money. Chaps; Clearing House Automated Payment System, is one of the methods they advise. It is for transactions that are over £25,000, however, some banks may only accept payment by coming into the bank or by post. 

The other option is to transfer your deposit through the Faster Payment System. Additionally, banks will place a maximum limit on these bank transfers so make sure you speak to your bank to see how they would prefer the transfer. 

What We Can Do If You Are A Victim Of A House Deposit Scam 

If you have been a victim of Friday Afternoon Fraud, or deposit fraud in general, contact WRS. We will work with your bank and other parties involved with the transaction to get your money back. This type of fraud isn’t your fault, so don’t be ashamed of reporting it. The quicker you report that you have been a victim of deposit fraud, the more likely it will be to retrieve your money. So, if you have been a victim of a house deposit scam, contact Wealth Recovery Solicitors today and we can help you with your Friday Afternoon Fraud.

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    How To Protect Yourself Against Friday Afternoon Fraud

    There are ways where you can protect yourself from house deposit fraud.

    The best advice we can give is that you send a test transaction. Send a small amount of money to the bank details given to you. Once you have sent that money over, check with your conveyancer or estate agent that they have received the funds. Once they have confirmed they have received the money, you can continue to send the remainder of the deposit you need to give them.

    When you are in contact with your conveyancer, you must remain vigilant. Be wary of the phone calls and emails that you receive. Make sure it is the confirmed phone number from their site. You also need to ensure they are sending emails from the correct email address. If you have received an email from an unknown address, contact your conveyancing firm to confirm the email.

    Sometimes, these scammers will claim they work in a different department. They may also claim that they are new and will be dealing with your transaction from now on.

    Make sure you have a secure password set for your email account. There is a lot of money which will be transferred, so you need to ensure you are keeping your account safe.

    Remember to take your time when you are transferring money. Question everything that is happening, just to make sure you are not transferring money to a scammer. Friday afternoon fraud is still a very common case that we deal with, simply because the victims have been rushing to get the deal over the line when in reality, they should have been more cautious because the signs were there.

    Is Conveyancing Fraud The Same As Friday Afternoon Fraud?

     

    Conveyancing fraud is the same as Friday afternoon fraud. Friday afternoon fraud is only called this because the scam is committed on a Friday. However, it is still considered as conveyancing fraud because the same method occurs. The scammer will pretend to be a conveyancer to retrieve the deposit from the buyer. The money will be transferred to the scammer.

    Who Is To Blame For A Friday Afternoon Fraud?

     

    There are many different outcomes when it comes to identifying the responsible individual for conveyancing fraud. The person who could be to blame for the crime could be the buyer or the conveyancer.

    Although you may want to blame the conveyancer for deposit fraud, sometimes it cannot be helped. Scammers are very intelligent and the way they gain access can be difficult to find out. Instead of trying to blame the conveyancer for the cybercrime occurring, try to resolve the situation by working with the conveyancer and our solicitors. The problem will get resolved much quicker this way.