Identity fraud cases reach record high

Identity fraud cases reach record high

Recent research has indicated that identity fraud increased at record levels during the first half of 2017. 

According to fraud prevention service Cifas, 89,000 cases of identity fraud were recorded during the six months to June this year, with over three-quarters occurring online.

Whilst awareness of identity fraud is increasing, this does not reduce the likelihood of it occurring. Rather, if these figures indicate anything, its frequency is growing, with the techniques used by fraudsters becoming increasingly sophisticated.

With correspondence increasingly occurring online, criminals are taking advantage of vulnerabilities in law firm processes, with some managing to get away with thousands of pounds worth of client money.

Protection of client money was highlighted as a priority risk in the Solicitors Regulation Authority Risk Outlook 2017/18, which drew attention to the risks that firms need to be alert to.

With a spotlight on recent trends, the SRA mentioned the growing vulnerability of conveyancing funds, especially in regard to email modification fraud. To ensure that transactions are properly protected, it’s vital that checks are applied on a wide-scale basis and prevention strategies are taken seriously.

Highlighting the high proportion of cybercrimes which are email modification fraud (60%), the SRA advises considering the use of Lawyer Checker to verify that the bank details of a third-party firm are genuine.

As well as mitigating the risk of fraud, the use of a service such as Lawyer Checker can positively influence the culture within a firm, increasing the awareness of risk.

At a time when the threat of fraud is growing, solicitors need to ensure that their compliance policies will effectively mitigate the risk – click here to find out how Lawyer Checker can help to protect your client’s money.

This article was submitted to be published by Lawyer Checker as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Lawyer Checker

http://www.lawyerchecker.co.uk

Lawyer Checker

 

 

 

 

 

 

Provider of market-leading risk management solutions to the legal sector.

Lawyer Checker is a leading provider of risk management solutions to the legal sector, offering a full inclusive suite of products and services which have one thing in common – they are all designed to protect and to promote your firm.

Our expert understanding of the legal sector means that we are in a unique position to ensure that your business is protected from the main threats without delay.

We are committed to being proactive when it comes to caring for our clients, and to getting them onto a platform where they are safer.

What does Lawyer Checker do?

Our suite of fraud prevention and cyber security products include:

Thirdfort

Thirdfort is the latest in Lawyer Checker's innovative suite of products helping to defend law firms against the persistent threats lurking in the legal sector, by providing enhanced due diligence to source of funds and ID checks. It uses a mobile app to digitally confirm a client's identity by combining facial recognition technology with document scanning and open banking, enabling you to confidently “Know Your Customer." Find out more >

Account and Entity Screen (AES)
AES provides your firm with enhanced risk management when transferring funds by checking the accounts details of a solicitor you are sending funds to against our unique database. This ensures your client funds are sent to a legitimate bank account associated with the vendor’s conveyancing firm. Find out more >

Consumer Bank Account Checker (CBAC)
CBAC offers enhanced due diligence when remitting sales proceeds and balancing payments to consumers. It works by validating the source and destination of funds by checking the bank account details match your client’s personal details when sending or receiving client funds. Find out more >

OnDMARC
A vital layer in protecting against email modification fraud, OnDMARC can actively block phishing attacks and obstruct 3rd parties impersonating your email domain to any recipient such as your clients, suppliers or employees. Email fraud is a law firm’s biggest risk. To avoid sensitive data being stolen through email impersonation fraud, safeguard your firm by implementing OnDMARC, otherwise anyone can send an email directly to your customers, suppliers or employees pretending to be you. Find out more >

Cyber Certifications

The National Centre for Cyber Security has identified the legal sector as a top target for cyber criminals. The sensitive data, large sums of money and important information that is held needs protecting to avoid severe damage to clients and your reputation.

Cyber Essentials
Cyber Essentials is a ‘must have’ certification for law firms which will protect your business, prevents data breaches and highlights to your customers, your regulators, the ICO and cyber criminals that you take cyber security seriously and shows you have taken the recommended steps to secure yourselves from potential threats. Getting Cyber Essentials certification for your firm is quick and easy, our in-house expert Cyber Essentials Assessors at Lawyer Checker (Part of Practical Vision Network) can conduct your online assessment and issue your certificate in less than 48hrs. For only £350 plus VAT it will give you peace of mind that you have shielded your law firm from cyber risk.

Cyber Essentials Plus
Our professional in-house assessors can issue official certificates to compliant firms for Cyber Essentials Plus, which is the next step up from Cyber Essentials. It covers the same controls but this time it is independently verified by a site visit from our expert assessor who will carry out a thorough inspection of online devices and web hosts through a detailed network vulnerability scan and certify your security arrangements to Cyber Essentials Plus level.

IASME Governance
Our expert in-house assessors can issue official certificates to compliant firms for IASME which includes Cyber Essentials certification along with a GDPR readiness assessment. It signifies to your customers and shareholders that you consider data protection a priority, and your desire to manage risk by demonstrating a high level of security. This certification is particularly suitable for businesses that are working towards ISO27001 and want a stepping stone, or for those that want to align to ISO27001 but perhaps don’t have the budget to go to a full certification.

ISO 27001
Our expert in-house consultants will help your firm prepare for ISO 27001 certification audits. It is internationally recognised as the most comprehensive and detailed accreditation to help embed a healthy security culture within your business. The consultation focuses on all business areas and not just the IT department. Our execution experts can work with you to implement ISO27001 in a way that works for your business and can provide as much or as little support as you need from project plans, document templates to full implementation. Our professional assessors can even help you to book and prepare for your certification audits.

To safeguard your business, use Lawyer Checker’s comprehensive products and services to arm you and your law firm with the right tools and information to be able to obtain the assurances you need to act in the best interests of your clients.

Key contacts:

Heidi Jenkins
Key Relationship Manager at the Practical Vision Network including Lawyer Checker, Solve Legal Marketing and The Move Exchange.
M: 0330 052 7588 E: [email protected]

Mark Siwiec
Business Development Manager (Cyber) at the Practical Vision Network including Lawyer Checker, Solve Legal Marketing and The Move Exchange.
M: 03300529150 E: [email protected]

Address
Suite 4, Wright House, 67 High Street, Tarporley, Cheshire, CW6 0DP

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