Business email attacks to conduct conveyancing fraud are one of the top major fraud threats facing UK businesses.
This is according to a report by the National Crime Agency (NCA), which focusses on the growth and development of current threats, aiming to provide a unified picture of the threat to the UK from Serious and organised crime.
The National Strategic Assessment also highlights the need to coordinate a response to the threats within the NCA’s remit, grouping them into three ‘pillars’ of response. These are Vulnerabilities, Commodities and Prosperity; it is in this latter category where conveyancing fraud falls.
The document states that business email attacks to conduct conveyancing fraud, as well as CEO fraud and mandate fraud, are increasingly one of the major reported fraud threats facing UK businesses. Whilst not directly referenced, fraudsters targeting conveyancing funds also fall within other categories highlighted within the report, including social engineering, spamming and phishing.
As well as providing an insightful overview of the different risks that firms should be alert to, the document also highlights the gravitas of fraud, as is continues to be the most commonly experienced crime in the UK.
The report can be accessed here.
