Solicitors have been advised to be vigilant, with reports of bogus law firms on the rise.
The Solicitors Regulation Authority (SRA) published its annual Risk Outlook report this week. It is receiving more than 700 reports of bogus law firms each year, more than double the number in 2012. In almost half of these, criminals copy the identity of an existing firm so they can directly target the public or genuine firms into sending money or information.
One quarter of firms have been targeted by cyber criminals, often involving fake e-mails or phone calls asking for passwords. Nearly one in ten attacks resulted in money being stolen.
Fraudsters are now impersonating senior law firm personnel and ordering staff to transfer money or pay an invoice. These scams often happen on a Friday.
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