Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Could this $1m property scam have been avoided?

By Staff Reporter
17 December 2021 | 1 minute read
Lee Bailie

Earlier this week, a woman faced court in Sydney over allegations she had fraudulently obtained $1 million during a property settlement – but according to Securexchange, it should never have happened.

The woman, who faced Parramatta Local Court on Tuesday (14 December) charged with two counts of recklessly dealing with the proceeds of crime, is alleged to have pocketed the funds through a business email compromise scam conducted in June 2021.

According to reports, the incident saw a property purchaser deposit $1 million into a fake account during the settlement period of a property transaction, reportedly sourced from a compromised email address belonging to the purchaser’s lawyer. 

Advertisement
Advertisement

In September this year, REB reported on the rising number of business email compromise scams targeting the real estate and property sector. 

Lee Bailie, a spokesperson for Securexchange, said, “it frustrates me to hear about this recent $1 million property scam knowing there is a solution that exists today which could have prevented this from happening.

“In theory, we all know it is no longer safe to share sensitive information via email. However, email is the quickest and most commonly accepted way to share information, so hackers are becoming more and more skilled at targeting these types of communications.

“A property transaction is heavily targeted by cybercriminals because of the sheer volume and amounts transacted.

“Buyers and sellers should be able to turn to their real estate agent or lawyer and have confidence that this would never happen to them.”

Joel Davoren, the managing director of RE/MAX Australia, has weighed in on the issue, noting that “cyber security is a reality, and we need to think about how we address this serious issue together”.

As a partner of Securexchange, Mr Davoren said that “the reputation of our brand, our clients and their clients is very important”.

According to a statement from Securexchange, the transaction solution service provider has also been working closely with REB head coach and Real Estate Gym founder Tom Panos, the chief executive of REIQ Antonia Mercorella, and CEO of REINSW Tim McKibbin to try to increase agent awareness.

In 2021 alone, Securexchange has handled 32,000 property transactions, which offers a $1 million guarantee to users on all information shared through the platform.

Could this $1m property scam have been avoided?
Lee Bailie reb
lawyersweekly logo

Tags:

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.