InsightsInsight - Commercial Law - POSTED: December 19 2016
Beware: Black Friday strikes again!
Every day we pass information via email without thinking about the consequences, it’s important to make sure you are staying secure online.
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The modern world of technology is constantly thriving and developing by making communication quicker and easier for all of us.
Every day we pass information via email without thinking about the consequences. This particularly can be seen in conveyancing transactions, which has seen a rise in the use of email communication and sharing secure information, with clients on their sales and purchases. The question is, however, whether the information shared in an email is as secure as we believe it to be?
According to recent research by the Law Society, it has been revealed that one-quarter of firms have been targeted by cybercriminals, with nearly one in ten resulting in money being stolen. The majority of cases involve conveyancing. Such scams often take place on a Friday, as this is the time that most completions take place and a large amount of money is transferred. As a result, this day has become to be known as the “Friday afternoon fraudsters” because criminals use this day to hack into email systems of an individual, alter the client’s emails to the solicitor or vice versa, changing bank details so that they receive the funds. The result is devastating for the legal firm and their client, as fraud can see people lose their life-savings, with a very uncertain chance in being able to recover the money.
How does Brachers stay secure?
Brachers takes cyber-attacks very seriously by recognising that secure information such as bank details are not to be shared over email and that money is not transferred without confirming with the client beforehand the source of their request.
Brachers also takes steps to protect itself and its clients’ money. This means:
- providing regular training for Brachers employees
- staying vigilant
- maintaining up to date technology protections
- taking out appropriate professional indemnity insurance.
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