OneSearch Direct, the UK’s largest local search data company, saw Lawyer Checker Account Entity Screen orders up 58% year over year as the industry saw a sharp surge in SRA fraud alerts, up 75% since January is 2020.
The rise in remote working due to COVID restrictions has created an additional vulnerability for funders, compounded by a busy market towards the end of the SDLT vacation period. Because law firms handle both large amounts of personal data and client funds, they are an attractive target for cyber criminals. As a result, many law firms are now taking a more resolute stance against transportation fraud.
With SRA fraud notifications in January 2021 up 75% from January last year, and with 34 fraud notifications so far this month, it has never been more important for businesses to fully block emails purporting to be from their customers review and take solid action to mitigate email fraud.
These concerns are confirmed by the SRA: “The ongoing effects of COVID mean law firms need to be more vigilant than ever about how to plan for and protect against major risks that the legal sector is currently facing.”
Lidia Quinlan, Sales Director, OneSearch Direct, comments:
“The sad reality is that a lot of fraud is easy to prevent. Whether it’s a person falling for a fake email or an entire company lacking robust enough processes, the consequences for both can be devastating, let alone the potentially disastrous financial one Loss to buyer. We see more and more companies adding Lawyer Checker searches to their product packages to ensure that all transactions are as safe as possible from criminal activity. When account and company information is submitted on our portal, Lawyer Checker determines whether this account has a track record of previous use.
“More and more of our customers are obviously using Lawyer Checker, and some have even implemented policies that require employees to perform both an account and entity screen search, as well as a review of their own safety list, in case this will either lead to an inconclusive result for the particular case Companies. Lawyer Checker is fully integrated with the OneSearch ordering portal and shows best practices for transferring funds. “
Tom Lyes, Director of Engagement Lawyer Checker, comments:
“Unfortunately, the pressures that the market is currently under make it more attractive to criminals looking to make financial gains from their crimes. The significant increase in SRA fraud alerts reflects this behavior. At Lawyer Checker, we get out of bed in the mornings protecting law firms, and I know OneSearch Direct shares that sentiment with us, and we’ve certainly seen more law firms embed this into their processes, considering how simple it is is Order Lawyer Checker through the OneSearch platform. The business decision to implement Lawyer Checker for all files means not only that you will protect your clients’ money in the most robust way, but also that you will protect your employees and provide them with the tools they need to proactively combat fraud. “
Combating Transport Fraud – Updating Risk
Thursday, February 25, 11:00 a.m. GMT
OneSearch Direct and Lawyer Checker offer all transportation companies access to a free webinar examining the current threat level of fraudulent activity in the industry. The session will also explore why Lawyer Checker is more than just a bank account reviewer, and how Lawyer Checker, working with OneSearch Direct, can help you and your submission team ensure you are as compliant and secure as possible.
Register for this webinar here.
If you cannot set this date but would like to be recorded afterwards, please click here.
To learn more about it Lawyer checkerCall the Service Introduction Team on 01782 433 270 or send an email to [email protected] Click here for a sample report.
For more information on OneSearch Direct, visit onesearch.direct or call 0800 052 0117.