LMS Fraud Prevention Services

As Panel Managers, LMS continues to work closely with lenders and law firms to better understand the tactics criminals are using to obtain monies by fraudulent means.  As we see increased property transactions in the run up to the Stamp Duty holiday deadline we thought it was the right time to remind panel firms and their clients of the services we offer to mitigate the risk of monies being fraudulently obtained via deception scams phishing and identify theft.

To help prevent fraud from happening, Law Firms and their clients should be extra vigilant in recognising unusual activity or communications. Particularly at the end of March and the anticipated increase of property transactions.

The following service are available through LMS as an additional layer of verification to borrowers and law firms alike.

LMS Bank Account Checker – Borrowers

Our Bank Account Checker service www.lms.com/bankaccountcheck allows borrowers to check their law firm’s client account details before transferring money. The service provides confirmation that the bank account details, which a borrower has been given, match the account details we have for LMS Panel Link law firms. The borrower can be confident they are making payment to the correct account, without exposing the Panel Firms account details.

LMS Client Account Checker – Law Firms

Our Client Account Checker www.lms.com/cz allows a search/check facility to be conducted on the account number and sorting code of another Panel Firm.  This requires a LMS case reference and the results are displayed as a positive or negative outcome. A record of the check is available for PDF download and can be stored on file.

UK Finance in conjunction with HM Government has practical and impartial advice to help everyone protect themselves from preventable financial fraud. Further details can be found at https://takefive-stopfraud.org.uk/

Things to be more mindful of:

• KYC checks
• False documents
• Unencumbered properties and properties that are vacant for a considerable time
• Returned Mail
• Detached Correspondence addresses
• Thin Credit files
• Automated Valuation Models
• Unexplained search results

If you would like any further information please visit our website.