Real estate cybercrime still on the rise

11 September 2018

Last month, REINSW warned its members that cyberattacks targeting real estate transactions are increasing.

As cybercriminals become more advanced, one of the Big Four Australian Banks reminds real estate professionals to remain vigilant.

"It is critical that when changing a BSB and account number as a result of an email received from a known associate, you verbally validate this request," says the bank.

"In 2017, Australian businesses were targeted by business email compromise scams, a trend that has continued into 2018. Reports to the Australian Competition and Consumer Commission and Australian Cybercrime Online Reporting Network about this scam exposed over $22.1 million transferred from businesses to scammer accounts during this period."

Top tips to protect your clients and agency

To avoid financial loss to scammers, the bank says businesses must do their due diligence.

"Always verbally check the BSB and account number changes using a trusted phone number," says the bank. "Confirming a change via email is not a secure method of validation.

"Scammers often pose as executive staff members to direct employees to make urgent payments. Once again, always verbally validate these requests using a trusted phone number.

"Finally, if you are unable to contact the requester, contact the recipient bank to confirm the BSB and account number match the name on the account."

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Have you been targeted by cybercrime? Report it to the Australian Cybercrime Online Reporting Network