Lloyds Bank reports a 29.1% increase in conveyancing scam reports, with an average loss of £47,000 per victim.

Lloyds Bank warns of a rise in conveyancing scams, where criminals hack emails to exploit the house-buying process, tricking homebuyers into sending their deposit to fraudsters. The number of conveyancing scam reports made by Lloyds Bank customers increased by 29.1% in the second half of last year, with an average loss of around £47,000 per victim. The bank advises homebuyers to verify payment instructions with their solicitors over a trusted phone number or in person.