Electronic Conveyancing and Cyber Fraud

Transferring funds from one account to another has never been more convenient. Not long ago you would have to wait 2-3 business days for the funds to be cleared. Now, the process is almost instantaneous. We’ve all transferred funds from one account to another, and we rarely encounter any issues.

But with the upcoming mandate of conducting conveyancing transactions electronically, hackers are becoming more sophisticated and aggressive in their methods of stealing personal information and financial records from individuals and businesses.

Electronic Conveyancing

Come 1 July 2019, all mainstream property transactions are required to be settled and lodged electronically. The obvious advantage of this is that the process of buying and selling property will become more streamlined and efficient. However, it would be imprudent to assume that this system is without error.

There have been countless news articles about individuals being victims of cyber fraud. Stories like these undermine the confidence of the public in the government’s mandatory approach on conveyancing. It also makes legal practitioners hesitant to transition into electronic conveyancing when they are aware that serious risks like this is real.

While none of us can avoid the upcoming changes to the conveyancing process, we can all become vigilant and adopt adequate security measures to ensure sensitive data does not fall into the wrong hands.

Protection against cyber fraud

One way to make sure that none of us fall prey to cyber fraud is diligently checking sensitive information that are transmitted electronically. Hackers have a way of intercepting email correspondence containing financial details before they reach the recipient. These details can be easily changed and the recipient can accidentally transfer funds into the wrong account. Our bank account details will never change during the course of a transaction and we will never ask you to transfer any money to our accounts without personally confirming the details with you.

Another practical way is to install anti-virus software that prevents malware and hackers from gaining access to your electronic devices. Nowadays, these types of measures should not be deemed as “unnecessary expense” but as an investment in ensuring that you protect everything that’s important to you. A few hundred dollars to purchase and install an anti-virus software is a much better trade off than leaving yourself open and vulnerable to being targeted by cyber criminals.

Awareness is a big step towards protection against cyber fraud. Being conscious that it is a serious and developing threat in Australia already puts you ahead of those who complacently conduct their affairs online. Just because it hasn’t happened to you is no guarantee that it never could.

At Indus Lawyers, we strive to duly comply with any government mandates while making sure that your interests and personal details are protected. We take the necessary steps to make sure that our internal processes are secure and reliable. You can have faith that the services we provide are not only exceptional but also safe.