The Property Ombudsman has issued a warning to all estate and letting agents to act with caution, as fraudulent ‘buyers’ target agents with the latest computer virus scam.
TPO has been alerted to a case by a member agent who received emails from a potential buyer in China. The individual emailed the branch several times expressing a keen interest to make a full asking price offer on a property.
The agent, suspicious of the buyer’s eagerness to act quickly without having viewed the property, asked the individual to send over all personal details including identification documents. When the email came through, the attachments were difficult to open. The agent passed the email to his IT department who confirmed that it contained a series of potentially destructive computer viruses.
It is not known what impact the viruses could have had on the agent’s IT system if it had not been identified.
Gerry Fitzjohn, board chairman of TPO, said: “Fortunately in this case the scam was identified and no company or customer details were compromised.
“However, this is a reminder to all agents to be both cautious and vigilant. The importance of antivirus software is a given, but it is not a guarantee against computer viruses, so the best defence is also an educated user.
“If something seems too good to be true, it usually is. We would urge all agents to circulate this warning amongst staff.”
The Bold Legal Group has compiled a list (below) of 21 ‘Red Flag’ warnings. Put together for conveyancers but may be helpful for agents also.
A. BUSINESS SOURCE
a. Unusual introducer
b. Direct approach where reason for contact questionable
c. Proximity of the party to their conveyancer – if there is a distance, why?
B. SELLER CHARACTERISTICS
a. Absent owner or landlord
b. Owner/seller living abroad
c. Recently issued (new) ID documents/driving licence etc
d. Sellers lack of knowledge about the property
e. Where the seller lives at a different address from the property and has no documentary evidence such as bills or buildings insurance schedule linking seller to the property
f. Proximity of a signatory to the witness – if there is a distance, why? What is the relationship between the signatory and the witness?
g. Email contact (remote client)
h. Sole proprietor
i. Long-time owners (high equity)
C. PROPERTY CHARACTERISTICS
a. Empty
b. Tenanted
c. Unencumbered (no mortgage)
d. High value
e. Unregistered
f. Where there is no restriction on the register to comply with
D. OTHER CHARACTERISTICS
a. Quick sale required
b. Quick, back to back sale (increased price)
c. Funds going abroad or to an unusual destination
d. End of chain transaction
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1 check the sender’s email address. If it looks dodgy delete it.
2 always ask overseas clients to take id documentation to a local solicitor or bank so they can confirm identity and then send to you so you can have it translated. How would you receiving photo id of someone you have never seen confirm who they are?
3 Estate Agents must take the current money laundering regulations seriously and read them, be trained and train staff.
4 dont be flattered. Scammers target people whom they suspect won’t have robust aml policies or IT security in place. Stick to what you do. Delete anything that’s too good to be true.
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CYBER CRIME INSURANCE IS A USEFUL PROTECTION MECHANISM. YOU JUST NEED TO MAKE SURE THE POLICY WILL RESPOND TO THESE TYPS OF PHISHING SCAMS AS THE CYBER OFFERINGs IN THE MARKET DIFFER ENORMOUSLY.
THE MINUMUM PREMIUMS FOR A COMPREHENSIVE CYBER LIABILITY POLICY INCLUDING CRIME ARE CIRCA £750 AND THE COVER INCLUDES THE INSTANT RESPONSE AS WELL AS BRAND REPUTATIONAL DAMAGE. ITS WEL WORTH HAVING BUT MOST BUSINESSES THINK THEY ARE IMMUNE TO A CYBER BREACH – UNTIL IT HAPPENS AND THEY SUFFER THE CONSEQUENCES!
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Why are you shouting Mr Wharmby?
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