Lloyds Bank is warning homebuyers of the rise in a significantly “costly” scam that could see them lose a staggering average of £47,000.

Homebuyers are being targeted by criminals hacking emails to exploit the conveyancing process, with increasing numbers tricked into sending their property deposits to fraudsters.

Analysis by Lloyds Bank of conveyancing scam reports made by its own customers found they rose by more than a quarter (29 percent) in the second half of last year.

While the…