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LMS to assist lawyers with new conveyancing fraud tool

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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

Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

Tenants disappearing into the night is common from shared houses ( licensed and un-licensed HMO's) often when they owe considerable rent- they remove all their possessions, leave key in room and tell other...

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CommercialTrust
CommercialTrust 20 May 2016

With the bulk of the market controlled by large developers, profit rather than necessity determine the pace at which homes are built. There are hundreds of thousands of plots that have planning permission...

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson
james anderson 03 May 2016

The sad demise of the croquet lawn...

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