Securexchange is a secure website that protects property transactions from hackers by allowing property buyers, sellers, real estate agents, and lawyers to communicate and confirm sensitive information such as documents & bank account details in a safe environment.
Real Estate Agents, Lawyers and Conveyancers should use Securexchange to ensure the safe exchange of information and the secure transfer of property deposits.
Securexchange is a secure website that allows parties to communicate and arrange the funds in a safe environment away from the prying eyes of hackers. It’s only accessible by verified users and requires multi-factor authentication every time you log in for additional security.
When you use Securexchange and the parties transfer funds to the trust account that you’ve entered in to Securexchange, the funds are guaranteed by InfoTrack.
We surveyed a focus group of lawyers and conveyancers and learned of an alarming number of cyberattacks. 29.8% experienced hacking attempts and 23.3% had their emails intercepted.
Between 2016-2018, 45% of Australian companies were attacked by online criminals. (Source)
There were 24,291 reports of phishing attempts and 57,060 reports of attempts to gain personal information reported to the Australian Competition & Consumer Commission in 2018. (Source)
The average cost to a business hit by a successful cyber-attack is $1.9 million. (Source)
There are two basic account types when signing up. You can choose to sign up either as a Real Estate Agent or Lawyer/Conveyancer. Once you’ve chosen which is most relevant to you, follow the prompts to complete the sign-up process.
Yes, vendors or purchasers can join Securexchange. It is by invitation only through your Real Estate Agent (REA), Lawyer or Conveyancer. Make sure to ask your agent, lawyer or conveyancer if they’re an Authorised User of Securexchange so you have peace of mind when it comes to transferring property funds.
For creating an account with Securexchange, you will need a valid email address and a mobile number. Additionally, if you’re signing up as a REA, you’ll need to provide your Trust Account details.
Only Lawyers and Conveyancers can sign up without providing Trust Account details. However, if you’re signing up as a REA, then providing your Trust Account details is mandatory.
There are two types of verification:
- The verification of the user (REA or Lawyer/conveyancer), and
- The verification of the Trust account.
These can both be done separately. Conveyancers, Lawyers and REAs can start creating a workspace straight away, even if you are not verified. However, you need to be verified to create a transaction.
Once the account sign-up form is submitted, your details will be sent to Securexchange team. Our team will contact you soon asking for supporting documents and other information to verify your Trust Account. Once you send us the supporting documents, your account should be verified within a few hours. This one-time process makes sure your account details are correct and legitimate. This enables us to give the InfoTrack Guarantee.
Account verification can be done by sending us ONE of the below:
- Trust Account Statement – where the BSB and Account Number are clearly shown with at least 3 transactions.
- Trust Account Unique Identification Number (UIN) -which is provided by the relevant authority. For example, if you create a Trust in NSW the Department of Fair Trading will issue this. If you receive a UIN, you will need to contact the relevant department to confirm the Trust Account is legitimate.
- Trust Account Audit Report clearly showing the BSB and Account Number.
Securexchange is a trusted network of verified parties. The verification process is the first step in joining that network. These supporting details are required as a part of the one-time account verification process. These details are securely stored in an encrypted format on our files, and available to an authorised person for verification purpose only.
The Trust Account details are visible only to the party you invite to view. Other parties may be able to view contracts and collaborate, however, are unable to view account details. So, you’re in control of who you invite and share the account details with.
Registered users such as REAs, lawyers or conveyancers can invite a Purchaser, Vendor or their Solicitors. An email invite will be sent out when the parties are added, all you need is an email and mobile number to get your invitees on board.
Securexchange is integrated with the InfoTrack platform, so sharing your electronic Contract of Sale is only a click away if you’re an InfoTrack customer. If you aren’t an InfoTrack customer, you can still easily upload a Contract of Sale from your desktop or a drive into the transaction workspace and invite parties to view them.
No. Securexchange is integrated with the InfoTrack platform, enabling Electronic Contracts for Sale to be shared with a single click. However, it also allows for a range of other documents to be uploaded for sharing in the secure transaction workspace.
If the fund is transferred to the verified trust account listed in Securexchange, your funds are guaranteed. This gives you peace of mind that if there are any security breaches on our part, we will make sure you get your money back.
It is a unique space created by a REA, lawyer or conveyancer to invite parties to view, share and collaborate on a property transaction. There are no limits on the number of transactions that can be created. Ideally, for each property, a space should be created for each property transaction and should be used for all communications for that property.
Absolutely! Securexchange now supports creating requests for multiple funds such as Balance of funds for settlement or Refund or anything else you might be requesting on your property transaction. Please keep in mind though, the funds needs to be linked to your verified trust account(s).
The Securexchange service is complementary to InfoTrack customers. It’s our way of enhancing the broader InfoTrack experience and giving back to our client community.
We have introduced this product at no charge to accelerate the path to secure property exchanges.
Please direct your support enquiry to firstname.lastname@example.org