Notice to the Profession
November 12, 2020

Lawyers Indemnity Fund risk management video series

Fraudsters continue to target BC lawyers

Are you about to pay out trust funds and your client’s payment instructions have changed? Stop. Ensure that the change is legitimate by calling your client at the number in your file. You must speak directly or make in-person contact with your client. 

Watch this video of LIF Director of Claims, Michael Soltynski, to find out how two BC law firms fell victim to sophisticated social engineering frauds involving millions of dollars. Learn how to prevent this from happening to you and protect yourself from loss. 

Any time a payment of trust funds is imminent, assume that a hacker is also aware. Any client's or lawyer's email account can get hacked allowing a fraudster to perpetrate a social engineering fraud. Establish due diligence protocols for transferring funds and ensure all staff receive training and adhere to them. Insurance is available on the commercial market to respond to social engineering frauds so talk to your broker as limited protection is provided to you through Part C of the policy.