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Half of Australians say they have little to no concern about sharing personal details when buying a property, even as cyber criminals increasingly target the real estate sector.
The findings, released by InfoTrack to coincide with Cyber Security Awareness Month, revealed only one-third of real estate respondents were worried about sharing personal data, despite the average deposit now sitting at $160,000.
One in four buyers admitted they were not concerned at all, even with the risk of losing their savings.
The complacency comes just a year after a family lost $500,000 when hackers infiltrated their conveyancer’s email and switched bank account details.
More recently, hackers claimed to have breached a Sydney-based agency, posting alleged tenancy agreements and passport scans belonging to its clients.
InfoTrack chief operating officer Lee Bailie warned that property transactions are firmly in the sights of scammers, yet many Australians underestimate the risks.
“Only 35 per cent of our State of Real Estate respondents were significantly or highly concerned about the security of their personal data during a transaction, showing a growing gap in cyber awareness and consumer preparedness,” he said.
Bailie cautioned that as property transactions move increasingly online, so too do the risks.
“Many Australians are navigating high-value transactions without fully understanding their exposure,” he said.
Bailie called on industry professionals to step up their cyber safeguards, including moving away from email communication altogether.
“The focus must be on real estate agents and conveyancers moving away from emails to better protect the information that’s exchanged,” he said. “Secure platforms which cut out the need for email and require passcodes, multifactor identification and one-time pins must be the way forward.”
“As cyber threats grow more sophisticated, professional vigilance is essential to protect buyers who may not yet recognise the danger. If you’re the one buying or selling, ask your agent or lawyer how they plan on protecting your sensitive information – if they’re still asking you to send those details via email, demand better or look elsewhere.”
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