North West based firm, Ratio Law boosted their risk management by installing Lawyer Checker’s pioneering Account & Entity Screen (AES) product to safeguard their clients’ money.
The risk adverse Manchester firm understands the huge benefits of Lawyer Checker’s due diligence software which verifies the legitimacy of the law firm on the other side of the transaction against a unique database which highlights any red flags commonly associated with fraudulent activity.
Practical Vision Network, incorporating leading risk management solutions provider, Lawyer Checker, who is best known for its conveyancing risk tool AES, has developed its portfolio to include a range of cyber risk products – and is an accredited assessor of the government approved cyber essentials certification too.
Law firms are at risk and under scrutiny because they are a prime target due to the sort of personal data they hold, and the nature of the work they do – including the transfer of significant funds during conveyancing transactions.
Ratio Law are acutely aware of the Solicitors Regulation Authority’s (SRA) scam alerts to date which warn ‘about people who call themselves solicitors but are not’.
As the SRA revealed that 60% of law firms reported a security incident in 2018, which is almost certainly an under reported figure – Ratio Law wanted to safeguard their clients’ assets by introducing robust measures to alleviate the risk of fraud.
To protect their firm and their clients, Ratio Law adopted a new strategy where everyone in the business carries out a comprehensive investigation of every transaction by utilising Lawyer Checker’s AES product.
With the AES tool now firmly embedded into the culture of Ratio Law, it allows the firm to strive forward to make a positive difference to their clients lives through the practice of law.
Chas Arya, Practice Manager at Ratio Law said “We recognised the imminent threat of fraud on our business. We, therefore, approached Lawyer Checker to help protect the firm and our clients as we required the best defences against cyber attacks associated with money transactions.
As cyber criminals are becoming more sophisticated in defrauding law firms we needed to implement robust measures to mitigate the risk.”
Situated in the heart of Manchester, Ratio Law, who specialises in both commercial and residential property and banking and property finance, has moved premises across the city into new offices due to ongoing expansion. Ratio law’s strong and effective team deliver real value to their clients by providing exceptionally high quality legal expertise.
With solicitors and law firms facing increasing threats from cyber criminals as cyber crime becomes widespread in the UK, Lawyer Checker’s AES software can reassure firms that they are protecting their clients’ funds to the best of their abilities – and showing their clients that their needs are top priority when it comes to managing their money.