UK homebuyers are increasingly at risk of falling victim to bank transfer fraud. Experts call this phenomenon "Friday afternoon fraud" because criminals strike just before a sale completes, often timed before a weekend. This was reported by infohub.kz.
Fraudsters gain access to email correspondence between buyers and their solicitors or estate agents, then request payment to a bank account they control. Sometimes the solicitor's email is hacked, but often the buyer falls for a phishing attack. Since property transactions involve large sums, fraudsters only need a few victims to make significant money.
According to the UK's Fraud Reporting center (formerly Action Fraud), in the 2025-26 financial year there were 3,657 scams involving persuading people to pay into the wrong bank account, costing victims a total of £101 million. Of these, property-related fraud accounted for 140 cases, with an average loss of £78,393. In the worst case, a buyer transferred the entire £300,000 purchase price to the wrong account.
The City of London Police warns that this type of fraud is not limited to purchases – it has also been reported by renters and in probate transactions. Warning signs include an email from your solicitor or estate agent claiming they have new bank details and demanding quick payment. These emails may come from a spoofed address that differs slightly from the genuine one, such as a missing letter or extra punctuation.
To protect yourself, experts advise not posting about your impending move on social media, setting a strong password and enabling two-factor authentication for your email, and avoiding checking email on public Wi-Fi. Always confirm your solicitor's bank details in person or by phone. If your bank warns that the account name doesn't match, stop and verify everything. If you've been scammed, contact your bank immediately.