The Last Word Comment
Launch of updated version of cyberfraud and fraud protocol
Further guidance has been made publically available on how to tackle this growing threat
Beth Rudolf Director of delivery, the Conveyancing Association
Last month, we revealed a revised fourth version of our Cyberfraud and Fraud Protocol which seeks to provide member firms with practical information on how criminals operate and the measures they, and their staff, can take to avoid being victims of fraud and cyber-crime. The original protocol was launched at the
start of 2016, with further revisions taking place since then. Those firms which have adopted, and
adhered to, the protocol, along with other secret safeguards, have been certified as ‘cyber safe’ and they have also commit to ensuring they are up to date with each new iteration.
Definitions The protocol continues to provide a list of up-to-date ‘official’ definitions of each activity outlined in the protocol. These activities are: l Vishing. l Malware. l Phishing. l Smishing. l Outbound/inbound cheque fraud. l Card-payment fraud. l Spear phishing. l CEO/whaling fraud. The protocol also covers a number of key
areas providing advice and information on how firms can operate and the measures they can take in order to protect themselves, their clients, and all other stakeholders. These areas cover: l Client identity. l Change of bank details. l Funds recipient identity. l Actions when the funds have been fraudulently redirected.
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This should not simply be viewed as an outside threat; there is just as much potential for fraudulent activity within conveyancing firms, as a recent case where a solicitor was sentenced to seven years in prison for money laundering via conveyancing services shows
l Caller identity. l Cyber security. l Cyber insurance. l Prevention.
Constant target Given the large sums of money involved in property transactions, we are all acutely
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aware that conveyancing practitioners are a constant target for fraudsters and it is, therefore, imperative that we have a very strong line of defence in place to ensure that neither the firm nor the client becomes the victim. This should not simply be viewed as an
outside threat; there is just as much potential for fraudulent activity within conveyancing firms, as a recent case where a solicitor was sentenced to seven years in prison for money laundering via conveyancing services shows. While the scheme is only open to our members, we certainly recognise that this is a group effort and, in order to persuade the cyber-criminals that our industry is a no-go area, we need every conveyancer to be operating in a cyber-safe way which is why we publish our protocol on our website for all to use. This is a threat that is not going to go
away. Every time we make it harder, the criminals have to find other ways to perpetuate their criminal activities. By reviewing the Cyber Fraud Protocol
annually, we can ensure our members are kept up to date on emerging threats. Accurate forecasting requires real
honesty, which can sometimes be difficult when you are passionate about your business succeeding. So take the time to plan when a dip in cashflow will impact your business and work in advance to avoid them. If you can see a situation is going to be
difficult, think about how external finance could help your business to maintain a healthy financial position and equip you with the finances you need to invest in future growth. CCR
March 2019
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