Editor's note: This brief was summarised by The Property AI Newsroom from a report by Guardian Property. Read the original article for full details.

Warning Issued Over 'Friday Afternoon Fraud' Targeting UK Property Transactions

UK homebuyers and renters are being warned about a scam known as 'Friday afternoon fraud', which involves criminals intercepting email communications during property transactions. Victims have lost significant sums, including one case where a homebuyer transferred £300,000 to a fraudulent account.

Conveyancing fraud typically occurs at the end of a home sale, when buyers are expecting to transfer large sums of money. Criminals gain access to email chains between buyers and their solicitors or estate agents, then send fake emails requesting payment to a bank account they control. These emails may appear to come from a genuine address if a solicitor's account has been hacked, but often use a spoofed address with subtle differences, such as a missing letter or extra punctuation.

The scam is sometimes referred to as 'Friday afternoon fraud' because it often takes place at the end of the week, coinciding with the completion of property sales. According to Report Fraud (formerly Action Fraud), there were 3,657 scams involving payments to the wrong bank account in the 2025-26 financial year, costing victims a total of £101 million. Conveyancing fraud is a subset of these cases. Between 1 April 2024 and 31 March 2025, Report Fraud recorded 140 property cases with an average loss of £78,393.

City of London police have noted that this type of fraud is not limited to property purchases. Renters and those involved in probate transactions have also reported losses after transferring money to what they believed were legitimate letting agents or solicitors.

The fraudulent emails often claim that the solicitor's firm has new bank details and urge the recipient to make a payment quickly. To avoid falling victim, individuals are advised not to post about upcoming moves on social media, to secure their email accounts with strong passwords and two-factor authentication, and to avoid using public wifi for checking emails related to property transactions. It is recommended to confirm bank details in person or by phone, and to be cautious of any messages suggesting a change in payment details. If a bank warns that the account name does not match, recipients should stop and verify the information. Anyone who has made a transfer to a fraudulent account should contact their bank immediately.