Property fraud is one of the fastest-growing financial crimes in the UK. Action Fraud reports hundreds of cases each year, with typical losses of 50,000 to 500,000 per victim. The most common form is Friday afternoon fraud — a type of email interception that targets the moment you transfer your deposit or completion funds.\n\nHow Friday Afternoon Fraud Works — The criminal monitors email communications between a buyer and their solicitor, often for weeks. They gain access through phishing attacks on the solicitor's email system, compromised personal email accounts, or malware. When the solicitor emails you bank details for the deposit or completion payment, the criminal intercepts the email and replaces the bank details with their own. You transfer tens or hundreds of thousands of pounds to the criminal's account, believing it is going to your solicitor. The criminal moves the money through multiple accounts and often overseas within hours. By the time the fraud is discovered — usually when your solicitor says they have not received the funds — recovery is extremely difficult.\n\nWhy Friday Afternoon — Completions typically happen on Fridays. Large sums are transferred. Everyone is busy with multiple completions. Banks have reduced staff on weekends. The time lag between the transfer and the discovery maximises the criminal's window to move the money. Hence the name.\n\nHow to Protect Yourself — Never trust bank details received by email. When your solicitor sends you bank details for any payment, phone them on a number you looked up independently (not a number in the email) and verbally confirm the account name, sort code, and account number. Send a small test payment of one pound first and call the solicitor to confirm they received it before sending the full amount. Never click links in emails from your solicitor — go to their website directly. Ask your solicitor at the start of the process how they will communicate bank details and agree a verification protocol.\n\nOther Forms of Property Fraud — Identity fraud: criminals impersonate the property owner and sell or mortgage a property that is not theirs. This most commonly affects unoccupied properties, properties owned outright with no mortgage, and landlords living overseas. You can register for the Land Registry's free Property Alert service, which notifies you of any activity on your property's title. Title fraud: criminals forge documents to transfer ownership. Again, Property Alert provides early warning. This is relatively rare but devastating when it occurs.\n\nYour Solicitor's Responsibilities — Law firms are required to carry professional indemnity insurance and to follow anti-money laundering procedures. The Solicitors Regulation Authority requires firms to warn clients about cybercrime at the start of every transaction. However, firms vary hugely in how seriously they take cybersecurity. Ask your solicitor what security measures they have in place — encrypted email, multi-factor authentication, cyber insurance, and staff training are all indicators of a well-protected firm.\n\nWhat to Do If You Are a Victim — Contact your bank immediately and ask them to initiate a Faster Payments recall. Report to Action Fraud on 0300 123 2040. Inform your solicitor. Contact the police. Time is critical — the faster you act, the higher the chance of recovering some or all of the funds. Some banks have signed up to the Contingent Reimbursement Model code, which may provide additional protection. Check whether your solicitor's professional indemnity insurance covers losses from cybercrime.