Scams and Fraud
Security and your Property Settlement
There have been a bunch of news reports recently about property settlement scams involving online transactions being diverted and significant funds being lost.
The reports highlight the need to be attentive and take precautions when managing your property settlement or when acting on a family member’s behalf.
Unfortunately, these types of fraudulent activities aren’t anything new, to our or other industries, however, there are steps you can take to minimise your risk.
Recent reports state the email account of a conveyancer in Victoria was hacked and used to reset PEXA login credentials. The scammers then added new bank details to the PEXA account, enabling them to reroute settlement funds to a different bank account. PEXA is investigating and plans to implement additional security measures.
Previously, similar email correspondence was intercepted between a buyer and settlement agent. A fraudulent email was sent to the trusting buyer providing new account details and when funds were transferred the money disappeared overseas.
What can I do to protect myself against hackers?
There are straight-forward precautions you can take to reduce your chance of being targeted during the property settlement process.
- When checking emails and doing online banking avoid using unsecured free Wi-Fi
- Ensure your devices – computer, mobile, tablets – have up-to-date software protection. If in doubt contact a local IT expert.
- Update your banking and email passwords regularly – use STRONG passwords and DO NOT use the same password across platforms.
- Before making that big transfer, pick up the telephone and double check the account details provided.
Strategic Property Conveyancing Security
It is our priority to ensure your property transaction occurs seamlessly and safely. With this in mind, we have numerous safety measures in place to deter hackers and scammers. For example;
- Conveyancers work from our office which means client information never leaves our system.
- We have a comprehensive insurance policy in place to protect our client’s funds.
- The office and building are safeguarded by alarm systems.
- Our computers are protected with password management software.
- Client information and details are stored securely for the required six-years post-settlement.
- Digital devices where confidential information is kept have up-to-date virus and malware protection and are regularly backed-up.
NOTE: Strategic Property Conveyancing will never send you an email with bank details in the body of the email.
Plus, if you are concerned about transferring property transaction funds electronically, we accept payment by bank cheque.
Lastly, stay alert and trust your instincts. We are happy to take your calls to verify details or answer any questions you may have about your property settlement.
What others say…
Strategic Property Conveyancing were totally working for me with all my best interests up front. 100% trustworthy and reliable. Could not be more happier with your performance and professionalism.J Wegner
Conveyancing agent Kyla was professional, knowledgeable and courteous. Thank you for making the process so easy. Kyla and staff are a credit to the industry.D & J Wong
Conveyancing agent Kyla took a lot of the stress out of the whole process. We trusted her judgement and knew was working in our best interest. Kyla is very good at what she does, we wouldn’t trust anyone else.S & I Canfora