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  • Sonya Lee

E-Conveyancing and Cyber Fraud

Updated: Dec 4, 2023


E-conveyancing has allowed conveyancing transactions to become a much more streamlined process. Almost all transactions are not settled through the online settlement plant form PEXA https://www.pexa.com.au/.

As the world has experienced, Cybercrime and fraud are global concerns. Think of Optus and HCF as an example of what can happen in the event of a cyber hacker getting information through illegal processes.

Cyber fraud is defined as a cyber crime done through online networking designed to retrieve otherwise inaccessible private information and sometimes direct access to bank accounts or money involved in a transaction.

With cybercrime becoming increasingly prevalent, everyone needs to be aware of a potential scam. If you are transferring money into any account (not just our trust account for a settlement), it is urged that you confirm by phone to ensure the accuracy of the account details and minimise the risk of becoming a victim of a cybercrime.

Here at SL Conveyancing if we ever require you to provide bank details or to transfer funds to our Trust Account for settlement, we will most certainly call you to confirm verbally any details you have provided.

We also encourage that account details are handwritten on our instructions sheet and returned as a PDF and not just typed into the body of the email. This provides additional protection of information.

We understand the role we play in maintaining the security of the network to see that the transactions are done smoothly as Buying and selling a home is an important time and we understand the stress that can be felt if and when things don’t go to plan.

We not only have full professional indemnity insurance but have increased our cover by taking out a full Cyber Crime Insurance policy to ensure that if a Cyber attack may occur you are protected.

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