UK homebuyers are being warned about 'Friday afternoon fraud,' where criminals intercept emails to solicit deposits for property purchases, leading to significant financial losses. Report Fraud recorded 140 such cases in the last financial year, with average losses of £78,393.
This type of fraud poses a significant financial risk to individuals undertaking one of the largest transactions of their lives, potentially leading to devastating losses and jeopardizing homeownership dreams.
UK homebuyers are being alerted to a sophisticated scam known as 'Friday afternoon fraud,' where criminals target individuals during the crucial final stages of a property purchase. These fraudsters gain access to email communications between buyers and their solicitors or estate agents, then send fake emails requesting the transfer of deposits or purchase funds to their own bank accounts. The scam often occurs just before a weekend, capitalizing on the urgency and volume of transactions. Report Fraud, the UK's national reporting centre for fraud, recorded 3,657 instances of people being persuaded to pay into the wrong bank account in the 2025-26 financial year, totaling £101 million in losses. Within this, 140 property-specific cases were reported between April 2024 and March 2025, with an average loss of £78,393, and in one severe instance, a homebuyer lost their entire £300,000 deposit.
City of London police have noted that this type of fraud is not exclusive to property purchases, as renters and individuals involved in probate transactions have also fallen victim. The fraudulent messages often mimic legitimate emails from legal professionals, sometimes using spoofed addresses that appear nearly identical to the genuine ones, potentially with a minor spelling error or punctuation difference. These emails may falsely claim the firm has new bank details and that payment is required urgently.
To mitigate these risks, homebuyers are advised against sharing details of their impending move on social media, as this information can be exploited by criminals. Securing email accounts with strong passwords and two-factor authentication is crucial, as is avoiding the use of public Wi-Fi for sensitive financial communications. Experts strongly recommend verifying any solicitor's bank details in person or by calling the firm directly using a trusted phone number, especially if a message suggests a change in banking information. Furthermore, homebuyers should pay close attention to any warnings provided by their bank during the transfer process, particularly if the account name does not match the expected recipient. If a fraudulent transfer is made, individuals are urged to contact their bank immediately.