28.06.2017

Solicitors No.1 target for email fraud

Solicitors No.1 target for email fraud

Certain sectors of business are targeted more often by cyber criminals because the rewards are greater.

According to the Solicitors Regulation Authority 75% of all cybercrimes reported to them have involved “Email Modification” fraud, more commonly known as phishing or whaling attacks.

50% of all reports were related to “Email Modification” fraud against conveyancing proceeds.

25% of firms have reported being targeted by cybercrime with one in ten cases resulting in monies being stolen.

The professional principles in the Legal Services Act (2007) include a duty to maintain client confidentiality. The SRA also require solicitors and law firms to keep the affairs of clients confidential unless disclosure is required or permitted by law or the client consents.

Frama and RMail can assist solicitors in securing their email communications along with compliance with data protection legislation.

The facts

  • £2.3 billion was lost by global businesses from email fraud (2013-2015)
  • 75% of cybercrime reports to us are Friday afternoon fraud
  • 43% of all cyber-attacks are aimed at small businesses
  • Nine security breaches in 2015 featuring more than ten million personal records being exposed

How it is done?Attackers are able to intercept emails between companies and freely read their content. Over many weeks or even months the attacker learns how to impersonate the style and language of those sending and receiving the emails. The attacker is then able to send a bogus request for money including new bank account details for the transfer. As the attacker has lots of information about the target the request will appear to be genuine and money is very often transferred to the attackers account.How do you protect your firm?Frama has a unique way to protect your emails against attacks of this nature, RMail. The RMail platform is a combination of solutions provided in one easy-to-use product including anti-fraud protection that will alert the sender and recipient that the conversation has been compromised. 

How does this affect your clients?

Many solicitors failing to warn clients about the risks of using email during property transactions, despite explicit guidelines from anti-fraud authorities and their own trade body, the Solicitors Regulation Authority.

A quarter of firms had been targeted by online fraudsters. In one in 10 of these cases money had been stolen from clients as a result. The victims of these conveyancing scams lose £101,000 on average.

There are 10,500 solicitor firms in England and Wales, according to the SRA. Based on its numbers 2,625 companies have been targeted by fraudsters, with criminals having been successful in almost 300 cases. But under-reporting of cases and size of the loss means the actual numbers are likely to be far greater.

Top five reasons to choose the RMail solution

  • Unique Registered Receipt – A certified, tamper-proof receipt containing all information about what was sent, when and to whom providing legally verifiable proof of delivery and content. All content is digitally sealed upon sending.
  • Stay compliant – End-to-end email encryption that is auditable and legally verifiable. This feature will ensure that your business is compliant under data protection legislation when sending sensitive/personal data via email.
  • Send to anyone - Ease of use for recipient, with no account or software required to open and/or reply within the encrypted environment.
  • Protecting your data – Unlike other email platforms, Rmail does not store any of your information in the cloud. 
  • Additional features as standard – As well as Registered Receipt and encryption, Rmail also provides e-signature tools, the ability to send large files up to 1GB in size and anti-fraud detection to combat phishing and whaling attacks.

The General Data Protection Regulation

In addition to defending against email fraud, RMail ensures that your firm will be compliant with the regulation articles relating to the transmission of financial and sensitive data electronically.

Under this new legislation, your firm will not only need to transmit this data securely but also prove how and when this was done.

RMail provides a unique registered receipt for every message, providing the proof of compliance required.

Contact Frama UK for a free consultation and find out how you can avoid these risks to your firm and to your clients.

Sources: Action Fraud, CRN, FBI, Symantec, the Solicitors Regulation Authority, The Telegraph

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