In the first six months of 2021, Lawyer Checker notices to clients have increased by a shocking 78% when compared to the same period in 2020. 13% of these related to an Solicitors Regulatory Authority (SRA) decision. These notices can relate to incorrect details or SRA hearings and are vital in protecting clients' transactions to ensure money goes to the correct and verified recipient.
Unfortunately, the legal sector and conveyancers are a key target for cyber criminals due to the high value of transactions involved. Lawyer Checker understands the risk conveyancers face, which is why their Account & Entity Screen (AES) provides conveyancers with a full report which can easily be saved to a relevant case file. An AES search will flag to you notices about the searched against firm, to make you aware of any important information you should consider prior to transferring funds.
In the first six months of 2021, Lawyer Checker notices to clients have increased by a shocking 78% when compared to the same period in 2020. 13% of these related to an Solicitors Regulatory Authority (SRA) decision. These notices can relate to incorrect details or SRA hearings and are vital in protecting clients' transactions to ensure money goes to the correct and verified recipient.
Cyber criminals will also target the legal sector for the critically sensitive information they hold. National lockdowns and the new reality of hybrid working means a heavier reliance on technology. The risk is that systems may now be much more vulnerable to attacks. In the first two months of the first national lockdown, the SRA reported a 337% rise in phishing emails.
Paul Philip, SRA Chief Executive said “We all benefit from information technology, but that means we are all vulnerable to cyber security risks. These risks evolve rapidly whether it is money or sensitive information, law firms are an obvious target. It is the job of firms to take steps to protect themselves and their clients.”
This is where Lawyer Checker can help. Their suite of cost-effective, risk mitigation products support firms to mitigate risk, demonstrate due diligence and keep client money and data safe; easy to implement into conveyancing processes and can provide critical information, saving firms avoidable disruption.
Lawyer Checker’s flagship product Account & Entity Screen uses a unique algorithm that checks over ten different databases to provide conveyancers with the most up to date industry information. It uses real time data, and each search comes with a free update. It is recommended to utilise the first search at the onboarding stage and the update just before completion for maximum protection for your clients.
Consumer Bank Account Checker is another product created by Lawyer Checker which validates the destination of client funds - powered by Experian – and an instant report. Lawyer Checker also provides the Thirdfort ID Checker, which confirms a client's identity and source of funds, giving firms assurance when onboarding clients.
Lawyer Checker can also accredit the Government backed solution, Cyber Essentials, Cyber Essentials Plus and IASME Governance. Their expert cyber security team can work with firms on a bespoke basis to support security processes and help them gain these cyber certifications. Their legal sector expertise makes them an ideal partner for law firms.
Each product can be utilised at various stages of the conveyancing process to ensure due diligence is completed, providing conveyancers with peace of mind.
Lindsay Petzer, Key Relationship Manager for Lawyer Checker said “The risk of cybercrime to the legal sector is increasing and cyber criminals' methods are ever evolving. Lawyer Checker’s risk mitigation solutions exist to support conveyancers. The increase in notices issued to clients through our Account & Entity Screen clearly indicates an increase in cyber criminals' activity. It is more important than ever as we head towards the Christmas period that conveyancers are carrying out due diligence on every transaction.”
To find out more about Lawyer Checker’s risk mitigation services contact:
Lindsay.petzer@practicalvision.co.uk
