FIRST-TIME BUYERS that of cybercrime . Cybercrime costs the economy an estimated R2.2 billion per annum and much of that is lost in phishing schemes .
In a real estate context , phishing takes the form of a criminal impersonating a legitimate individual , such as a conveyancing attorney , to intercept communications relating to the transfer of funds . The criminal then shares falsified banking details to swindle the unsuspecting buyer out of their hard-earned money .
“ As conveyancing fees are a legally required part of the property transfer process , buyers have no choice but to hope that the attorney is both acting in good faith and that they
have implemented extensive cybersecurity measures ,” comments Smith .
“ They do however have a choice when it comes to who manages their deposit , which is another important part of the homebuying process . Buyers are entitled to entrust their deposit to a secure , affordable , and transparent third-party platform like Buyers Trust rather than a conveyancing attorney . This empowers them to make the best decision for their needs , with a free bank guarantee and guaranteed interest returns rather than relying on the decision made by the seller ,” she concludes .
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SA Real Estate Investor Magazine APRIL / MAY 2023 66