Safe Buyer Scheme
Unfortunately, in today's sad world home buyers are being targeted by fraudsters and it is becoming a common crime. Fraudsters are impersonating firms providing fake bank details and then the buyer is transferring their deposit money into this fraudulent account, thinking that they have been dealing with a their conveyancer.
Buyer Deposit Redirection Fraud
In recent years, the property market has seen a huge, alarming increase in fraudsters targeting property transactions, stealing money from both buyers and sellers which is causing financial ruin and devastation to those who are affected. This is affecting property buyers, conveyancers, and mortgage lenders and for many years property fraud has gone on with no solutions and many people have suffered substantial consequential financial losses themselves as well as many reputations been damaged for professionals. This type of fraud, known as Buyer Deposit Redirection Fraud, is costing innocent people £45,000 a day.
By the time anyone has realised the crime has been committed, the money has been withdrawn or transferred into another account abroad, leaving the buyer out of money and usually without a home.
Recommending the Safe Buyer Scheme
Therefore, this is the reason we are recommending the Safe Buyer Scheme to any buyer. Safe Buyer is a bank account verification tool that allows buyers to confirm that the bank details provided by their conveyancer are genuine, providing security and peace of mind before the buyer transfers deposit over.
The insurance policy covers up to 120% of the property's value and only costs £12 (inclusive of VAT). The Safe Buyer Scheme checks the parties involved in the property transaction, this is to ensure that the money passes safely and is in the right hands.
Safe Buyer Insurance provides cover for:
- Buyer deposit redirection fraud — where fraudsters impersonate the buyer's conveyancer to steal the buyer's money
- Vendor conveyancer fraud — where fraudsters impersonate the buyer's conveyancer to steal the buyer's money
- Property hijack — where the seller impersonates the registered owner to steal the buyer's money in a fraudulent sale