Australia’s real estate industry, a linchpin of the nation’s economy, faces a mounting menace from cybercriminals due to its prominent position.
In recent times, the property sector has found itself in the crosshairs of cyber attackers, mainly drawn by the large sums involved in deposit funds. Lee Bailie, the head of property for InfoTrack Australia, is committed to raising awareness about the cybercrime threat in the industry and empowering real estate agents with effective protective measures for themselves and their clients. As a finalist for the Executive of the Year at the Cyber Security Connect Australian Cyber Security Awards, Mr. Bailie’s objective is to ensure that InfoTrack offers innovative and leading-edge technology solutions for all stakeholders in property transactions.
Evolution of Cyber Threats in Real Estate
Real estate agents handle substantial amounts of their clients’ money, making the industry an attractive target for cybercriminals. Hackers have grown increasingly sophisticated in their strategies, particularly in phishing for sensitive information and intercepting real estate agents’ emails. These malicious activities enable hackers to manipulate account details related to deposit funds and redirect them into fraudulent bank accounts. Notably, a recent case involved a Western Australian real estate agent falling victim to a phone scam, resulting in a staggering loss of nearly $330,000.
Mr. Bailie explains, “Regrettably, such incidents are becoming more frequent in the property industry. To put this into perspective, consider that a deposit for a $1 million property can be as high as $100,000. This represents a significant loss of hard-earned savings for buyers and incalculable damage to a real estate agent’s reputation. Given the lengths to which cybercriminals are willing to go, it’s imperative for industry professionals to institute preventative measures.”
Securexchange: Innovative Technology for Safe Property Transactions
In our rapidly digitizing world, property transactions have transitioned from manual processes to streamlined online interactions. Real estate agents now have access to a user-friendly and flexible technology solution offering top-notch protection against cybercrime. Securexchange, powered by InfoTrack, is an innovative and award-winning platform designed to secure property transactions. This platform connects real estate agents, lawyers, conveyancers, vendors, and buyers in a secure workspace where confidential information, trust fund details, and contracts can be shared safely.
Mr. Bailie further elaborates, “Securexchange is a one-of-a-kind solution and a game-changer for those operating in the property industry. Traditional property transactions were no longer safe due to the risk of fraudulent activity, necessitating a more secure method for completing a sale. Securexchange not only safeguards against external threats but also prevents email fraud and the misappropriation of funds, offering peace of mind to agents and their clients throughout property sales.”
Apart from its cybersecurity features, Securexchange offers several other advantages:
1. Convenience: Real estate agents using the platform can create individual workspaces for each property, request Contracts of Sale, invite property purchasers into the workspace, share trust account details, and execute property transactions.
2. Efficiency: This innovative platform streamlines the property selling process, enhancing efficiency and speed.
3. Collaboration: All stakeholders involved in a property transaction collaborate in one workspace, ensuring transparency and efficient communication.
Experiencing the Difference with Securexchange
Securexchange facilitates an average of 11,000 property transactions each month. To access the platform, users must be invited into the workspace and undergo multifactor authentication. Deposit funds are protected for up to $1 million when trust or bank details are securely shared within the platform.
In addition to its robust cybersecurity features, Securexchange’s user-friendly platform and collaborative capabilities are game-changers for the property industry. Adrian Simpson, principal of First National Real Estate Coastwide, attests to its advantages, saying, “Securexchange makes the property sale process easy, offering greater flexibility and speed.”
Stay ahead of the curve and ensure the safety of your clients’ investments. Explore the benefits Securexchange can bring to your agency by scheduling a complimentary demonstration.
