City of London Police warns of surge in payment diversion fraud targeting property transactions
City of London Police and Action Fraud are urging the public to remain vigilant following a rise in payment diversion fraud – commonly known as conveyancing fraud.
This type of fraud often involves criminals impersonating solicitors or estate agents to intercept large financial transfers during property transactions.
Between April 1, 2024, and March 31, 2025, 143 cases of conveyancing fraud were reported to Action Fraud, resulting in £11.7 million in losses.
The vast majority involved residential property transactions, accounting for 140 reports and £10.97 million in losses, with an average loss of £78,393 per case. Although less frequent, commercial property fraud proved even more costly per incident, with 3 reports totalling £773,500, averaging £257,833 each.
Monthly losses peaked in March 2025, with nearly £2 million reported. Other high-loss months included October and December 2024, each exceeding £1.2 million. Victims were predominantly individuals aged 30 to 49, with both men and women affected. Reports came from across the UK, with higher volumes in London, Greater Manchester, West Yorkshire, Sussex, and Essex.
Detective Superintendent Oliver Little, from the Lead Force Operations Room at the City of London Police, said: “Conveyancing fraud is a deeply invasive crime that strikes at a moment when people are making one of the biggest financial decisions of their lives. Criminals exploit trust and urgency to divert life-changing sums of money into their own accounts, leaving victims devastated – both financially and emotionally.
“We’re urging anyone involved in property transactions to stay alert, verify payment requests directly, and treat any last-minute changes to bank details as a red flag. Any genuine solicitor or firm will never pressure you in to sending money quickly.”
Conveyancing fraud, also referred to as lawyer or solicitor impersonation fraud, occurs when criminals gain access to email chains between property buyers, sellers, solicitors, and estate agents. Once inside, they impersonate a trusted party and send convincing messages requesting that funds, such as deposits or final payments, be transferred to bank accounts under their control.
These scams are often timed to coincide with the final stages of a transaction, when large sums are expected to be moved quickly. Fraudsters apply pressure, claiming urgency, and convincing victims that delays could jeopardise the deal.
This type of fraud is not limited to home purchases – it has also been reported in rental agreements and probate transactions, where funds are transferred as part of estate settlements. Fraudsters will often use hacked or spoofed email accounts so that their messages can appear highly authentic. Victims may not realise they have been deceived until the money is gone.