This Cyber Security Awareness Month, would-be homebuyers are being warned to protectย their cash this Spring selling season, following a string of property-related scams.ย
Between July and September, prop tech firm InfoTrack has seen a 20 per cent increase inย the number of property contracts being prepared for new sales, with Spring traditionally theย busiest time of year for real estate transactions.ย
InfoTrackโs Head of Securexchange, Alexander Antal, said despite feeling under pressure toย purchase quickly, buyers must remain vigilant, as the market heats up.ย
Last month, a Victorian man was scammed out of $200,000, while in August, news outletsย reported a Victorian couple was defrauded of $500,000 after their conveyancerโs email wasย hacked. Additionally, a New South Wales couple had $49,000 of settlement funds stolen.ย
โCybercriminals have their sights set on property transactions because not only are depositsย in the tens of thousands and upwards, copies of passports and driver licences are exchanged to verify ID, potentially exposing buyers to identity theft and fraud,โ Mr Antal said.ย
โThe transaction process is often unknown territory for homebuyers, throw in a quickย decision-making process and a high-stress environment, and buyers may not necessarily beย as alert to scams as they would normally be.โย
The most effective way to safeguard funds is to ensure all communication channels areย secure and utilise trusted platforms for transactions.ย
โOur advice is to ask your lawyer, conveyancer, and real estate agent how they plan on sharing sensitive and confidential information and insist they use a secure platform toย protect your money,โ Mr Antal said.ย
โDonโt send back account details via email. All communication related to the transaction should be secure, taking away the opportunity for scammers to hack into emails and contactย buyers.โย
Other measures include:ย
- If you receive an email from your lawyer, conveyancer or real estate agentโs emailย address asking you to transfer funds, call them to verify itโs a legitimate request.ย โข If you think you have been scammed, report it, and update your banking details andย passwords to limit further fraudulent transactions.ย
Securexchange was launched in 2019, and in the last financial year has protected more than 38,831 property fund requests, safeguarding more than $6.2 billion in real estate assets fromย cyber threats.
Media enquiries: Clare Christensen Adoni Media | clare@adonimedia.com.au | 0427 920 520
