communication , the format of the information , and the transaction types . This way , they ensure their fraudulent communications appear to be legitimate ( and more convincing ).
Phishing is particularly devastating when it is used to steal a homebuyer ’ s deposit ( usually 10-20 % of the total purchase price of a home ) that the buyer transfers to the real estate agent or conveyancing attorney operating on the seller ’ s behalf until the transaction is concluded .
These types of crime commonly and easily occur when email records between the agent , buyer , and the respective lawyers to whom the deposit is paid , are intercepted and ‘ phished ’. Many real estate agents and lawyers don ’ t have adequate security measures in place to safeguard a deposit from the risks of a sophisticated attack .
Even the savviest internet users are being caught out by these sophisticated scams and it ’ s simply not possible to 100 % guarantee that you will be protected from any and all threats when transacting online .
That ’ s why we recommend taking the ‘ human element ’ out of the equation when performing large financial transactions , like putting down a deposit on a home , and instead opting to use secure technology . Platforms like Buyers Trust have been designed to ensure the highest level of security and gives buyers peace of mind that their deposit is protected , from the second it leaves their bank account up until it is safely deposited in the seller ’ s account .
While many real estate agencies are making efforts to level up their cybersecurity , the nature and prevalence of cybercrime is a clear indication that buyers need to take special measures to safeguard their hard-earned deposits . It ' s always better to play it safe !
SA Real Estate Investor Magazine NOV 2022 145