Let's call an end to homebuyers sharing information on email

Given the rise of conveyancing fraud, client compliance platform Thirdfort is urging conveyancers, lawyers and estate agents to offer more secure ways of sharing information.  

According to Lloyd’s bank figures released this week, conveyancing scams increased by 29% last year. Criminals are targeting homebuyers by hacking emails during the conveyancing process, with growing numbers being duped into sending their property deposit to fraudsters. On average victims are losing £47,000, and more than £250,000 in some cases.
 
Despite being concerned about the fraud risks, many homebuyers are still sharing personal information over email.
 
Research from Thirdfort via YouGov found that a quarter of UK adults have shared their sensitive personal information via email with a conveyancer, estate agent or mortgage broker when moving home. The same survey found that just 31% have used secure online methods to share information with their property professionals – 13% have used two-factor authentication, and 18% have used a secure platform or app. 

Risk of fraud
 
Yet there are more secure ways of sharing data online, and agents and conveyancers must offer homebuyers access to these secure methods.
 
Our data shows that despite being concerned about the fraud risks, many homebuyers are still sharing personal information over email. This leaves them open to fraud. Yet there are more secure ways of sharing data online, and agents and conveyancers must offer homebuyers access to these secure methods. Not only does our Secure share platform reduce the risk of fraud, but it also tackles needless repetition, significantly cuts transaction times, helps agents and brokers to easily refer clients, and provides a great client experience. All while keeping personal data secure and meeting all regulatory requirements.

Secure share

Thirdfort has re-developed its tool to make it easier to safely exchange personal information and anti-money laundering (AML) screening during property transactions. Usually, buyers and sellers are asked to provide the same identity and AML details numerous times. Secure share enables estate agents, conveyancers, and mortgage brokers to share these reports safely. The feature avoids repeated, unsafe data exchanges through email and needless repetition for homebuyers.