‘Cyber criminals have their sights set on property transactions’ as alarm raised for investors

But the excitement around spring selling has come with a caveat: be wary of your cash.

That’s the message from InfoTrack’s head of Securexchange, Alexander Antal, who is urging buyers to remain vigilant, especially as the market heats up, and they may feel the pressure to purchase quickly.

The warning follows a number of scams in recent weeks.

In August, an NSW couple saw their $49,000 settlement funds scammed, while a Victorian couple was scammed out of $500,000 after their conveyancer’s email was hacked.

According to Antal: “Cyber criminals have their sights set on property transactions because not only are deposits 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.”

He warned that the transaction process “is often unknown territory for home buyers”.

“Throw in a quick decision-making process and a high-stress environment, and buyers may not necessarily be as alert to scams as they normally would be,” Antal continued.

He flagged that the most effective way to safeguard funds is by ensuring communication channels are secure and encouraged the use of trusted platforms for transactions.

“Our 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 to protect your money,” he posed.

He also warned: “Don’t 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 contact buyers.”

Another safeguard against scams includes calling a lawyer, conveyancer or real estate agent to verify any email requests to transfer funds.

For anyone who does hold concerns that they have been scammed, InfoTrack also advised them to report it, and update their banking details and passwords to limit the potential for any further fraudulent transactions.