Update: It is anticipated that the full terms of the Guarantee and the accompanying claim form will be available on the PEXA website by the end of July. Please note that the guarantee applies to residential properties settled through the PEXA platform from 29 June 2018 so if the same type of fraud was to occur again, the Guarantee is in place to cover it.
It’s important to note the Guarantee will not cover instances where the practitioner has themselves entered incorrect bank details and as such, PEXA always encourages you to verbally confirm payment details with your client prior to signing off on the settlement.
We are writing to update you on new assurances being introduced by PEXA which will further safeguard all transactions conducted via our platform.
We also want to ensure you are kept fully informed of the security measures we have in place, as well as our continuing response to incidents reported in recent days.
Residential seller guarantee
We've listened to concerns, and we're committed to the members that use our platform and the consumers they represent.
We understand the importance of security to the industry as a whole, and as a result PEXA will be introducing a new guarantee for transactions conducted on our platform.
We anticipate this guarantee will go above and beyond any guarantee available in the paper-based settlement process, and will provide greater safeguards to consumers whose conveyancer or lawyer uses PEXA. Further details about the guarantee will be made available shortly.
Additional tools to assist you
In addition to our existing cyber security systems and processes, we're assisting the conveyancers and lawyers who use our platform to uphold the highest possible security standards by:
Reinforcing and strengthening existing scanning measures, including implementing daily monitoring in relation to password reset activity, new users and change of account details; including follow-up with our Members;
Creating new users in an “inactive” mode, meaning only PEXA can activate all new users on your behalf after confirming the new user with you;
Introducing Workspace time stamps so you can see who and when the Workspace was last updated; and
Introducing an additional verification layer upon sign-in.
Response to reported incidents
Any reports of fraudulent activity made to PEXA are recorded and escalated internally in line with established procedures.
Following an incident reported to PEXA on 31 May, PEXA sped up existing plans to introduce multi-factor verification. This is on track for delivery within the next few weeks.
When PEXA was alerted to a second incident, we immediately increased our monitoring of potential unusual activity surrounding password resets, new user creations and changes to BSB and account numbers. We have been actively contacting practitioners to confirm any such activity is legitimate and continue to do so.
Response to affected customers
We know that buying and selling a home is an emotional time and understand the stress that can be felt when things don’t go to plan.
We clearly regret the distress felt by those impacted in these two recent events and will ensure all outstanding funds are covered, without condition.
We're continuing to work with all those involved.
You'll hear more from us shortly outlining our new verification layer and residential seller guarantee.