Brighter Buying

Beware of this conveyancing scam costing buyers thousands

by Kate Watt, Marketing Manager 21 June 2018

Property scams were once the domain of dodgy dealers trying to sell overpriced properties using high pressure sales tactics on unsuspecting buyers.

If you avoided those hyped up property conferences, you avoided the scams.

These days, property scammers have moved online and buyers can find themselves at risk of new threats.

But simple security tips can protect you as you navigate what is likely to be the biggest financial transaction most people ever make.

Peter Maloney, CEO of conveyancing technology firm GlobalX, told that he knew of eight buyers in South Australia and Western Australia who had lost millions through hackers.

The scam involved hackers gaining access to conveyancing firms’ client lists, then sending fake emails to the clients asking them to pay their deposits into fraudulent bank accounts.

The buyer is left seriously out of pocket and the seller is left to remarket their home.

So how can buyers avoid this scam? Always phone your solicitor to confirm that instructions you receive via email or mail are legitimate and correct – particularly when it comes to transferring money.

Staying vigilant is a buyer’s best defence to ensure your transaction goes smoothly.

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