City of London Police warns public about surge in payment diversion fraud targeting property transactions

City of London Police and Action Fraud, the national reporting centre for fraud and cyber crime, are urging the public to remain vigilant following a rise in payment diversion fraud - commonly known as conveyancing fraud. This type of fraud often involves criminals impersonating solicitors or estate agents to intercept large financial transfers during property transactions.

Between 1 April 2024 and 31 March 2025, 143 cases of conveyancing fraud were reported to Action Fraud, resulting in £11.7 million in losses. The vast majority involved residential property transactions, accounting for 140 reports and £10.97 million in losses, with an average loss of £78,393 per case. Although less frequent, commercial property fraud proved even more costly per incident, with 3 reports totalling £773,500, averaging £257,833 each.

Monthly losses peaked in March 2025, with nearly £2 million reported. Other high-loss months included October and December 2024, each exceeding £1.2 million. Victims were predominantly individuals aged 30 to 49, with both men and women affected. Reports came from across the UK, with higher volumes in London, Greater Manchester, West Yorkshire, Sussex, and Essex.

Detective Superintendent Oliver Little, from the Lead Force Operations Room at the City of London Police, said:

“Conveyancing fraud is a deeply invasive crime that strikes at a moment when people are making one of the biggest financial decisions of their lives. Criminals exploit trust and urgency to divert life-changing sums of money into their own accounts, leaving victims devastated - both financially and emotionally.

“We’re urging anyone involved in property transactions to stay alert, verify payment requests directly, and treat any last-minute changes to bank details as a red flag. Any genuine solicitor or firm will never pressure you in to sending money quickly.”

What is conveyancing fraud or payment diversion fraud?

Conveyancing fraud, also referred to as lawyer or solicitor impersonation fraud, occurs when criminals gain access to email chains between property buyers, sellers, solicitors, and estate agents. Once inside, they impersonate a trusted party and send convincing messages requesting that funds, such as deposits or final payments, be transferred to bank accounts under their control.

These scams are often timed to coincide with the final stages of a transaction, when large sums are expected to be moved quickly. Fraudsters apply pressure, claiming urgency, and convincing victims that delays could jeopardise the deal.

This type of fraud isn’t limited to home purchases - it has also been reported in rental agreements and probate transactions, where funds are transferred as part of estate settlements. Fraudsters will often use hacked or spoofed email accounts so that their messages can appear highly authentic. Victims may not realise they’ve been deceived until the money is gone.

A victim’s story

“We were in the process of completing a house purchase, with contracts already exchanged. We’d been communicating with a legitimate solicitor via email. Then, an email almost identical to the solicitor’s was sent to me and my partner, asking for 10% of the purchase price.

“The subject line matched the property address, and the signature looked genuine. On closer inspection, the sender’s name was missing a single letter. I questioned the request but received a reply with a Word document containing the solicitor’s logo, name, and bank details.

“I transferred 10% of the funds, then sent the remaining deposit before realising it was a scam.”

Action Fraud has released a video sharing a victim’s experience. You can watch it here Payment Diversion Fraud - Gemma's Story - YouTube .

Conveyancing fraud can be devastating- especially for first-time buyers, who are often transferring life-changing sums of money. Victims may lose deposits and savings they’ve spent months or even years building up, only to see it vanish in an instant. Fraudsters prey on this vulnerability, striking when urgency and trust are at their highest. The emotional toll is compounded by the financial loss, leaving victims not only out of pocket, but also without the home they believed they were about to secure.

How to protect yourself from Payment Diversion Fraud 

• Verify: if you receive a request to move money into a new bank account, contact the supplier directly, using established contact details to verify and corroborate the payment request. If you are sending large sums, consider sending a small amount of money first as a test payment and confirm this has been received by the intended recipient before sending the full amount. 
• Internal processes: establish robust internal processes for handling changes to payment details. For example, only designated employees should be able to make changes to payment arrangements 
• Sensitive information: invoices, payment mandates, and other documents containing sensitive financial information should be stored securely and only be accessible to those staff that need them to perform their duties. Sensitive documents should be shredded before they are disposed of. 

What to do if you are a victim of Payment Diversion Fraud 

• If you have made a payment: inform your bank as soon as possible, they can help you prevent any further losses. Monitor your bank statements regularly for any unusual activity. 
• Review: perform a review of your payment processes to ensure all payment requests to a new account are verified and corroborated and existing payments are being made to the correct payee. 
• Identity theft: if you have shared personal or financial information, and suspect your identity may have been stolen, you can check your credit file quickly and easily online. You should do this every few months anyway, using a reputable service provider and follow up on any unexpected or suspicious results. You can also sign up for Cifas services which can help to protect you against fraud 
• You could be targeted again: fraudsters sometimes re-establish contact with previous victims claiming that they can help them recover lost money, this is just a secondary scam. Hang up on any callers that claim they can get your money back for you. 

How to protect yourself from conveyancing fraud

• Receiving bank details securely: always get your solicitor’s bank details in-person or over the phone at the start of the conveyancing process, and request that any changes to these details be communicated with you in-person, by phone call, or by letter. 
• Email or texts asking you to change bank details: if you receive a message that feels suspicious, such as a request from your solicitor asking you to amend payment information, STOP! Think fraud. Contact your solicitor directly, over the phone or in-person, and verify that the request was genuine.  
• Prioritise your email security: you should use three random words to create a strong and separate password for your email account. Enable two-step verification to add an extra level of security. 

What to do if you are a victim of conveyancing fraud 

• If you have made a payment: inform your bank as soon as possible, they can help you prevent any further losses.  
• Report: if you become the victim of conveyancing fraud, call your bank immediately using the number on the back of your bank card and report it to Action Fraud online at http://actionfraud.police.uk or by calling 0300 123 2040. If you're in Scotland, you can report it to Police Scotland on 101. 
• You could be targeted again: fraudsters sometimes re-establish contact with previous victims claiming that they can help them recover lost money, this is just a secondary scam. Hang up on any callers that claim they can get your money back for you.