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Catfishing with Financial Destruction

08 Feb 2017   |   0 Comments

“Catfish – lure (someone) into a relationship by adopting a fictional online persona. "He was being catfished by a cruel prankster."”

Catfishing is most common online, where someone creates fake profiles on social media sites to trick people into thinking they are somebody else. Sadly this type of identity fraud is not exclusive to online relationships, where broken hearts are frequent, but also in the property world where the financial consequences can be crippling.

The case of Mischon De Reya (MdR) (acting on behalf of the buyer) and Mary Monson Solicitors Limited (MMS) (acting on behalf of the seller) has caused a commotion in the conveyancing industry. Mischon acted for Dreamvar (UK) Limited in the purchase of a property from an imposter posing as the owner. Upon completion money was exchanged from Dreamvar to the imposter, with both MdR and MMS failing to notice the fraud until it was too late.

Dreamvar – now significantly out of pocket, took legal action against both MdR and MMS for claims such as breach of trust and negligence.

At CDS, we are aware of the growing burden of due diligence when dealing with sellers, purchasers and as importantly, their lenders.

In association with LexisNexis, we have the quickest and easiest system to order an AML search. We are able to offer you online access to a report that not only covers you from a due diligence perspective, but also gives you time to spend on other things. You can have peace of mind that the money flowing in and out of your clients’ accounts is legitimate. We are here to help you make sure that you are not a victim of fraud.

For a no obligation demonstration please click here, tell us your location and availability and we’ll be along to show you how it works.


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