House buyers warned of scams

People moving house are being targeted by crooks who are using devious scams to con them out of cash.

Home buyers have been warned to avoid being scammed during their purchase and after they move, as criminals look to pocket large sums of money – including stealing house deposits.

The Land and Building Transaction Tax holiday in Scotland – called Stamp Duty elsewhere – is coming to an end. It has sparked a boom as people try to buy a home without having to pay tax.

But UK Finance said buyers were in danger of being persuaded by fraudsters into paying money into the wrong account. The banking watchdog said in the first half of last year, £16.2 million had been lost from personal accounts through frauds involving customers being sent fake emails with payment details.

Katy Worobec, from UK Finance, said: “Moving house can be a stressful time; however, it’s vital to remember to take steps to keep you safe from scams.

“This includes letting your bank and other organisations know that you’ve changed address, making sure your mail is secure, and ensuring the recipient’s bank details are correct when paying money such as your deposit.”

UK Finance said buyers should be wary of emails claiming to contain new payment details from companies they are already dealing with, or duplicate invoices for services.

It said criminals had posed as estate agents who then asked for personal details, claiming the mover is due a “refund”.