Many Australians Struggle to Identify Property Scam Indicators in Emails

Recent research by PEXA revealed that 97% of Australians who purchased a property in the last year or plan to do so within the next 12 months failed to recognise warning signs of property scam attempts in transaction emails. This finding is particularly alarming given that most participants believed they could identify fraudulent activity. The survey coincided with the release of PEXA’s White Paper titled “Safeguarding Your Property Settlement: Awareness and Prevention of Scams,” authored by Graham Fairley, Chief Information Security Officer at PEXA. The paper underscores the increasing financial risks that home buyers and sellers face from cyber-related settlement scams.

Graham Fairley highlighted that property settlements create an attractive environment for cybercriminals due to the large sums of money involved, tight timelines, and the heavy reliance on email communications. He explained that criminals do not need to compromise systems; they merely need to undermine trust. Scams often employ sophisticated tactics, such as minor alterations to email addresses and unexpected changes in bank details, to trick victims into sending funds to the wrong accounts. Fairley noted that recovering funds lost to these scams is significantly more challenging than disputing a fraudulent credit card charge. However, the White Paper suggests that increasing awareness and utilising secure technological solutions can greatly reduce exposure to scams. Peter Maddison, architect and host of “Grand Designs Australia,” has joined PEXA as a Scam Awareness Ambassador, emphasising the need for vigilance and caution among buyers and sellers throughout the transaction process. 

Categories: Property Scams, Cybersecurity Awareness, Transaction Risks 

Tags: Property, Scam, Awareness, Cybercriminals, Transactions, Email, Security, Technology, Risks, Settlement