Only 6% of Law Firms Protect Their Money Transfers

This is a (very) thinly veiled advert for a payment verification service. It highlights the lack of checking that goes on before large sums of money are moved between accounts. The specific use case here is conveyancing but this applies equally to payroll and other business money transfer activities. With the meteoric rise of Business email compromise and other internet fraud it’s time to implement robust internal controls before moving money…:

[…] In a survey undertaken by leading cyber risk management specialists Lawyer Checker just 6% of law firms adopted both the industry leading Account and Entity Screen law firm to law firm check alongside the law firm to client check, Consumer Bank Account Checker.

Account & Entity Screen provides lawyers with enhanced risk management when transferring funds by checking the account details of the solicitor you are sending funds to against Lawyer Checker’s unique database. The database determines whether the account you searched against has a track record of successful usage within conveyancing.

Consumer Bank Account Checker is not conveyancing specific and works by verifying the destination of the funds when it comes to transferring sale funds to customer bank accounts; adding a crucial step in your risk processes when it comes to remitting funds.


Original article here