Property Scam Could Have Been Avoided

The $1M Property Scam Could Have Been Avoided

With news of Sydney cybercrime detectives uncovering more than $1 million fraudulently obtained during a property settlement, there is a huge question mark as to why this is still happening.

Lee Bailie, spokesperson for Securexchange, has been working closely with lawyers, conveyancers and real estate agents since the platform’s inception in 2018, providing a secure solution to combat the risk of financial fraud during a property exchange or settlement.  

“It frustrates me to hear about this recent $1M property scam knowing there is a solution that exists today which could have prevented this from happening. Buyers and sellers should be able to turn to their real estate agent or lawyer and have confidence that this would never happen to them.”, says Bailie

InfoTrack’s Securexchange targets cyber fraud by ensuring that all parties involved in a property transaction share private account information via a secure workspace where everyone has been verified and must use multi-factor authentication to ensure every interaction is legitimate.  The many safeguards within Securexchange ensure that cybersecurity is a priority, utilising technology that not only identifies cybersecurity threats but also evaluates and addresses them. See how it works.

“In theory, we all know it is no longer safe to share sensitive information via email. However, email is the quickest and most commonly accepted way to share information, so hackers are becoming more and more skilled at targeting these types of communications.”

“A property transaction is heavily targeted by cybercriminals because of the sheer volume and amounts transacted. In 2021 alone, Securexchange has safely handled 32,000 property transactions, a lot of those during COVID-19 lockdowns.” Bailie continues.

Securexchange has been working closely with Real Estate Auctioneer and founder of Real Estate Gym, Tom Panos, the CEO of REIQ Antonia Mercorella and CEO of REINSW Tim McKibbin to try and increase awareness of this solution with agents.

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. This is big part of why we partner with Securexchange. The reputation of our brand, our clients and their clients is very important”.

Real Estate Agent Deanne Lamprey from First National Real Estate, a user of Securexchange, “gets great confidence in knowing all parties are protected from the threats of cybercrime in the property transaction.”

“Securexchange allows all parties in the transaction to complete the property journey on one secure platform. Confidential financial information and private documents can be shared and exchanged with ease, mitigating the risk of hacking and cyber fraud. We are that confident in our innovation that we offer a $1 million guarantee on all information shared in the platform.” Mr Bailie concluded.