With the recent news of a Gold Coast couple being scammed out of $40,000 from their property transaction, industry professionals are banding together to fight cyber criminals by reinforcing how integral prop-tech solutions are to securely transfer funds and sensitive information.
Head of InfoTrack’s Property Team Australia and key spokesperson for Securexchange, Lee Bailie, is working collaboratively with lawyers, conveyancers, and real estate agents to combat the risk of financial theft during the sale and settlement of a property.
“Everyone is learning how unsafe it is to share sensitive information via email, but because it’s an everyday form of communication that is familiar and common, people get complacent. They see the horror stories in the media and don’t think those situations will happen to them. Meanwhile hackers are becoming more and more sophisticated at targeting high volume transactions, especially property transactions, and know exactly when to pounce.”
Joel Davoren, Managing Director of RE/MAX Australia, says, “Cyber security is a reality, and we need to think about how we address this serious issue together.”
Nicholas Gould, Managing Director of Colwell Conveyancing Group has been working closely with his staff on being diligent and using third-party software to ensure that their clients are completely protected and educated on the risks of cybercrime.
“Securing our data is critical to our business. We prioritise the use of technology platforms to ensure we provide the highest level of protection for our customers and their information.”
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella has been a big advocate of cyber security awareness and advocates for all parties involved in the buying, selling, and leasing of property to be vigilant, particularly during settlement periods.
“Most businesses are at risk of cyberattacks, but sadly, cybercrime is becoming a very significant issue for both real estate practitioners, conveyancers and lawyers, mortgage lenders and their clients involved in real estate transactions,” Mercorella said.
“We recommend steering clear of emails to send and receive bank account information, and instead to opt to use third party secure payment platforms that have multi-factor authentication as a much safer option.”
Lee Bailie adds “In August alone, we saw 10,000 property transactions handled securely within our Securexchange platform. This is a positive sign that our industry is coming together to fight back, but we have a long way to go to build awareness.”
“Vendors and purchasers need to feel confident that their appointed professionals are putting steps in place to protect them against the growing threats of cybercrime. This wasn’t the case for the unlucky couple.” Says Mr Bailie
For more information on how to safely manage the sale and settlement of property using Securexchange, visit securexchange.com.au.
