Conveyancing fraud: the risk to your property deposit
Conveyancing fraud — where scammers impersonate solicitors or conveyancers and intercept wire instructions for property deposits — is one of the fastest-growing financial crimes affecting overseas property buyers. The scam typically unfolds on a Friday afternoon, when banks are closing and it is hard to reverse a transfer. A buyer receives an email that appears to come from their real solicitor, with new bank details for the deposit. The buyer sends hundreds of thousands of pounds to a fraudulent account. By Monday, the money is gone and the real solicitor has no record of the payment request.
This guide explains how the scam works, why Friday afternoons are the attackers’ preferred window, how to spot the warning signs, and the verification steps that stop the fraud cold.
How conveyancing fraud works
Conveyancing fraud exploits the trust between buyer, solicitor, and estate agent. Here is the typical sequence:
Step 1: The fraudster identifies a property transaction
Scammers monitor property websites, auction sites, or LinkedIn to find high-value transactions. They may also target buyers through data breaches or by extracting details from legal firm websites. Once they identify a buyer and solicitor, they begin the impersonation.
Step 2: The scammer creates a fake email address
The fraudster registers a domain name that looks almost identical to the real solicitor’s. For example, if the real firm is “smithandco-solicitors.co.uk”, the fake might be “smithandco-solicitors.co.com” or “smithandcosolicitors.co.uk” (missing the hyphen, or using a slightly different TLD). The email address is crafted to look official: quotes@smithandco-solicitors.co.uk (even though the domain is fake).
Step 3: The scammer sends a wire instruction email
Days or hours before the property completion, the fraudster sends an email that looks identical to the real solicitor’s usual correspondence. It includes:
- The buyer’s name and property details (from public records)
- A request to send the deposit or completion funds to a new bank account
- New bank details (belonging to the fraudster’s account, often in a different country)
- An explanation for the new account (e.g., “We have changed our banking provider”, “Our usual account is temporarily unavailable”, “Please send to our new conveyancing account”)
- Urgency language (“Please send by end of business today”, “Funds must clear by Friday”)
Step 4: The buyer sends the money
Trusting the email and believing the deadline is real, the buyer instructs their bank to transfer the deposit (often £50,000–£500,000+) to the fraudulent account. The transfer clears within hours.
Step 5: The fraud is discovered (usually on Monday morning)
When the real solicitor chases payment on Monday, or the buyer contacts them to confirm the transfer, the solicitor has no record of the email request. The buyer realises the payment went to criminals. The money is often already withdrawn or transferred out of the country.
Why Friday afternoons?
Fraudsters deliberately send these emails late on Friday afternoons because:
- Banks begin closing: Most international wire transfers take 24–48 hours to clear, but by Friday afternoon, many banks are reducing staff and cannot process urgent recall requests until Monday morning.
- Solicitors are unavailable: Law firms typically close their offices by 5–6pm on Friday. If the buyer spots the fraud on Friday evening, they cannot call the real solicitor to verify.
- Pressure creates mistakes: The urgency (“send today”, “end of business Friday”) makes buyers less likely to pause and verify. Many assume the deadline is real because property transactions do have time pressures.
- 48-hour delay aids criminal escape: By the time banks reopen and can attempt to trace the transfer on Monday, the fraudster has withdrawn the cash or moved it through multiple accounts.
Real-world example: A £245,000 deposit scam
A UK buyer was purchasing a property in Portugal for €300,000 (approximately £245,000). Days before completion, they received an email from their conveyancer with new bank details and a request to send the deposit by Friday close of business. The email came from a domain that was nearly identical to the real conveyancer’s, with one letter different in the domain name. The buyer noticed nothing amiss and sent the funds via SWIFT transfer on Friday afternoon.
On Monday morning, the buyer contacted the real conveyancer to confirm receipt. The conveyancer had no record of the payment. The buyer immediately called their bank, but the funds had already been withdrawn from the receiving account on Friday evening. The bank’s fraud team traced the account to an intermediary in Eastern Europe, but the money had by then been moved to multiple onward accounts.
The buyer reported the fraud to the police and their bank, but recovery was impossible. They had no insurance for this type of fraud (most conveyancing insurance does not cover misdirected wire transfers). The purchase fell through because they no longer had the deposit.
Red flags: How to spot a conveyancing fraud email
Before you send any deposit or completion funds, check for these warning signs:
Email address and domain
- Domain name is slightly wrong. Compare the email address letter by letter with previous emails from the solicitor. Look for: missing hyphens, different TLDs (.co.com instead of .co.uk), extra letters, or misspellings.
- Email comes from a generic domain. Legitimate conveyancers use their firm’s own domain. If the email comes from gmail.com, outlook.com, or a generic business domain, that is a red flag.
- The sender name matches but the email address is different. Example: “Smith & Co Solicitors” in the display name, but the sender address is “conveyancing@generic-email.com”. Fraudsters copy the display name but use a different email address.
Content and tone
- Unusual urgency about bank details. Conveyancers do change bank accounts occasionally, but legitimate firms usually notify clients well in advance, not days before completion.
- Request to send to a different account than before. If all previous correspondence mentioned Account A, and this email suddenly requests Account B, verify by calling the solicitor on their official phone number (not a number in the email).
- Language is slightly off. Minor grammatical errors, awkward phrasing, or formal language that seems unusual for the firm can signal a non-native speaker or a template.
- No letterhead or official formatting. Compare the email format and layout to previous emails from the firm. Scammers may copy the general tone but not the exact formatting.
Urgency and timing
- Deadline is “end of business today” or “by Friday close.” While property transactions do have real deadlines, conveyancers usually give at least 48 hours’ notice for wire instructions. Last-minute requests are more common in scams.
- Email arrives late on a Friday afternoon. This is the classic conveyancing scam timing. Legitimate firms send payment instructions during business hours on weekdays, well before the deadline.
- Request to send funds to an account in a different country. While international transfers do happen, if the property is in Spain but the bank account is in Romania or Bulgaria, ask the solicitor why.
How to verify the wire instruction is genuine
Never reply to a wire instruction email or click any links in it. Instead, use this verification process:
Step 1: Call the solicitor on their official phone number
Do not use a phone number from the email. Instead:
- Go to the law firm’s official website (type the URL directly into your browser, do not click a link from the email).
- Find the phone number listed on the website.
- Call and ask: “I received a wire instruction email asking me to send funds to [bank account details]. Can you confirm that this came from you?”
If the solicitor did not send the email, they will immediately tell you. If they did send it, they can confirm the account details and any recent changes to the account.
Step 2: Verify the account details match previous payments
Ask: “Is this the same account I should send completion funds to as in our earlier correspondence?” If the answer is no, ask why the account has changed and request written confirmation (not just an email) of the new details.
Step 3: Check the email domain carefully
Take the email address from the wire instruction. Go to the law firm’s official website and compare the domain name letter by letter. A single character difference is often a scam.
Step 4: Ask for a callback
If something feels off, ask the solicitor to call you back on a number you have verified independently. Do not trust a phone number from the email.
What to do if you have already sent money to a fraudulent account
If you have sent funds and suspect fraud:
- Call your bank immediately, even if it is outside business hours. Use their fraud line, not the main customer service number. Explain that you have sent money to a fraudulent account as part of a wire fraud. Ask the bank to attempt a recall or reversal. If the account is with an international bank, ask your bank to contact them urgently.
- Contact the receiving bank, if you know which bank the fraudulent account is with. Provide them with the account number and request that they freeze the account pending a fraud investigation.
- Report to the police. File a report with your local police force (or the relevant law enforcement agency in your country). Provide all details of the email, the fraudster’s account, and the transaction.
- Report to Action Fraud (in the UK) on 0300 123 2040 or online at actionfraud.police.uk.
- Inform your solicitor and the property seller’s solicitor immediately. They may be able to delay completion while the fraud is investigated, or arrange alternative funding.
- Check if your bank or professional indemnity insurance covers wire fraud. Some policies do offer recovery, though conveyancing insurance often excludes misdirected transfers.
Recovery is rare in these cases, especially if funds have been moved internationally. The key is to act within hours of sending the money.
Protecting yourself: A specialist currency broker makes a difference
When you are transferring large sums for a property deposit, working with a trusted specialist currency broker or your solicitor directly (not via email instructions) provides additional protection:
- You have a named contact. A broker you have spoken to by phone has a real number you have verified independently. Any payment instruction comes with a verbal confirmation, not just an email.
- You control the account details. If you are using a broker to send funds on your behalf, you confirm the receiving account details directly with the solicitor (by phone, using a verified number), not through email.
- There is a record of the instruction. A broker will have a call recording and notes of exactly what you authorised. If a fraudster later claims you sent money, there is a clear audit trail.
- Brokers are regulated. If you use an FCA-regulated currency broker or money transfer service, you have recourse through the Financial Ombudsman Service if something goes wrong.
This is especially important for overseas property purchases, where the sums involved are large, the transaction is time-pressured, and the buyer is often unfamiliar with the foreign solicitor’s usual communication style.
Why this matters for property buyers
Conveyancing fraud is distinct from other money transfer scams because it exploits trust in a professional relationship. You trust your solicitor and expect wire instructions from them. The fraud plays on that trust, using urgency and a slightly-wrong email address that you may not notice when you are stressed about a major transaction.
Because property deposits are large and time-sensitive, scammers know buyers are less likely to pause and verify. This is why the five-minute verification call — checking the bank details with the solicitor on a phone number you trust — is so critical. It is the single most effective defence.
Speak to Cambridge Currencies about your property transfer
If you are buying property overseas and need to transfer funds for a deposit or completion, Cambridge Currencies can help you arrange the transfer securely. We work by phone with a named specialist, so you have a real contact to verify all details with. We also operate through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951), so you have additional regulatory protection. Request a quote and speak to a specialist about your specific transfer.
Frequently asked questions
Can I get my money back if I have been scammed?
Recovery is difficult once funds have been sent to a fraudulent account. If the receiving account is with a UK or EU bank, there may be a small chance of recovery if you act within hours. For accounts in other countries, recovery is very unlikely. This is why prevention is critical.
Do I need insurance against conveyancing fraud?
Standard conveyancing indemnity insurance does not cover misdirected wire transfers caused by email fraud. Some specialist policies do offer coverage, but they are rare and expensive. Verify is still your best defence.
What if the solicitor does change their bank account?
Legitimate solicitors do occasionally change banking providers. However, they will notify you in advance (not days before completion) and will be happy to confirm the new account details when you call them on a verified phone number. A real solicitor will never be offended by you asking for verification.
How do fraudsters get information about my transaction?
Fraudsters may obtain information through: publicly available property sale data, LinkedIn profiles of solicitors and estate agents, data breaches at law firms or estate agents, or by monitoring conveyancing forums and property websites.
Is conveyancing fraud more common with overseas property purchases?
Yes. Overseas transactions are targeted more often because: the sums are typically larger, the buyer may not be familiar with the foreign solicitor’s communication style, time zones make it harder to verify immediately, and there is less regulatory oversight of foreign banks.
What should I do if I receive a suspicious wire instruction?
Do not reply to the email or click any links in it. Call the solicitor on their official phone number (from their website, not the email) and ask to verify the account details. If you cannot reach them immediately, delay the transfer until you have spoken to them directly.
Related guides: How to send money abroad safely · How to check a currency broker is legitimate · Currency guides
This article is provided for general guidance only and does not constitute financial advice. Information about fraud prevention and reporting is correct as of June 2026. Cambridge Currencies Ltd is registered in England & Wales (No. 15402338) and operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951).
