Cyber-Security and Your Property Settlement
Every single week we hear a new report 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 the property industry, however, there are steps you can take to minimise your risk.
What is happening?
One of the most common types of scams reported is a ‘Man in the middle’ email scam. These scams occur when emails are intercepted between a buyer or seller and their settlement agent or real estate agent.
Scammers then alter the email or send a new email to the trusting buyer or seller, providing new account details for funds to be deposited to. The unsuspecting buyer or seller transfers the funds to the fraudulent account, and the scammer quickly transfers the money overseas, making it difficult (and often impossible) for the buyer or seller to have the funds returned to them.
Strategic Property Conveyancing is focused on your 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;
- We utilise the latest conveyancing technology, ensuring that all of our software partners utilise the most up-to-date security protocols.
- 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 seven years post-settlement.
- Digital devices where confidential information is kept have up-to-date virus and malware protection and are regularly backed-up.
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 transferring funds, always pick up the telephone and double-check the account details provided. Use known numbers, such as from the business’s Google listing or website. Telephone numbers in fraudulent emails may be false and direct you to the scammer.
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.
No Hidden Fees
Property conveyancing is not a ‘one size fits all’ process. We customise our approach to meet your personal needs, depending on what your settlement involves.
We will provide you with a tailored conveyancing costs quote based on the services you require for your commercial or residential property conveyancing transaction. With us, you only pay for the services you truly need.
To make sure your quote is accurate and to discover if we are a good fit for you, call for a competitive conveyancing quote.
