LMS to assist lawyers with new conveyancing fraud tool

LMS to assist lawyers with new conveyancing fraud tool

LMS has announced today that it has launched a new service called AccountChecker which aims to combat conveyancing fraud by assisting lawyers to check bank account details of other firms that are part of a property transaction.

The new service will be available at no additional cost to law firms who are acting on cases for any of LMS’s lender clients under the LMS PanelLink solution. Solicitors will be able to match the client account details they hold for another law firm with the details that are currently held by LMS. The service will assist the detection of fraudulent activity and help prevent the misdirection of funds to bogus law firms. It will also provide conveyancers an added layer of due diligence in the property transaction.

One of the main features that helps to differentiate this new lawyer checking facility is that it relies directly on more than 5,000 bank account records that LMS has collated in developing PanelLink. In addition it forms part of the overall package LMS provides to its panel members, with other services including easy access to searches, indemnity insurance and customer identification packages.


Ian Robinson, Supplier Management Director at LMS, said: “This is one of a number of exciting enhancements from LMS due over the next 12 months.  This is a service that law firms have been asking us to provide for a long time and our expertise added to our enhanced checking processes ensures this is a market-leading service now available to over 5,000 law firms.”

Andy Knee, Chief Executive of LMS, said: “Homeowners have been losing millions to fraud, and the Solicitors Regulation Authority has reported a rise in criminals looking to defraud the solicitor as well as the homebuyer. The conveyancing market landscape is dotted with thousands of firms, big and small, so it becomes quite a challenge to verify bank details of unknown lawyers. As tackling fraud becomes a top item on the industry’s agenda, we’re hoping more and more lawyers will benefit from the value of our free tool over the next few months.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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