The property industry is a prime target for cybercriminals who have developed sophisticated schemes to intercept emails and redirect deposit funds into fraudulent accounts. Last year, a group of Victorian property buyers collectively lost more than $200,000 to a hacking scam targeting the email accounts of real estate agents, by sending home buyers instructions to deposit money into the hacker’s bank account instead of the estate agent’s trust account.
“The risks of communicating bank account details via email are high. We surveyed our legal clients and learned of an alarming number of cyberattacks, with 29.8% experiencing hacking attempts and 23.3% having their emails intercepted. However, what’s most alarming, is the number of incidents that were unreported to protect our clients from reputational damage.” – InfoTrack CEO, John Ahern
Securexchange stops the need to share trust account details via unsecured emails and protects the reputation of all professional parties involved in the property transaction.
Developed by InfoTrack, a technology company servicing the property industry for the past 19 years, Securexchange:
- brings together verified parties in a tightly secured transaction to exchange details in real-time,
- offer transparency on progress of the exchange, and
- streamline communications.
As the dominant provider of property related searches and e-conveyancing solutions in Australia, InfoTrack has worked with the industry to build this solution that is secure, easy-to-use and backed by a guarantee.