This article is from the Australian Property Journal archive
EMAIL scammers posing as conveyancers have defrauded $1 million from two property buyers.
Unbeknownst to the conveyancer and the clients, the scammers intercepted the conveyancers’ email to the clients and changed the bank details to send the money for their property settlements.
The clients proceeded to deposit the $1 million into the scammers bank account.
The Australian Institute of Conveyancers CEO Rebecca Hayes told the ABC the scam has put the property settlements at risk.
“The cyber scammers are intercepting emails and changing the bank account details that go to the client,” Hayes told the ABC. “The client then pays money into what they believe is the conveyancer’s trust account but unfortunately it’s an account owned and operated by the cyber criminal and the money goes there and unfortunately disappears.”
Hayes said consumers need to be cautious, double check and verify trust account information with conveyancers before transferring money.
“The scam has occurred previously in Western Australian earlier this year, so it would appear that the scammers are just targeting conveyancers and real estate agents across Australia.
“It’s really important that consumers pick up the phone and check those details and check that the email is a legitimate email prior to actually transferring any money,” Hayes said.
Australian Property Journal
