Hi Adrian
This is a great question and one which we at PEXA, in conjunction with ARNECC (e-conveyancing regulator) and jurisdictional land registries have been working diligently to address. I hope you will be pleased to hear that national e-conveyancing framework and PEXA have a number of very tight controls in place that make dealing with electronic land titles in PEXA at least as secure and in many instances more secure than via the paper channel.
What are some of these measures?
- In all jurisdictions ARNECC regulated standards for VOI form the foundation for fraud mitigation. But other measures are also in place.
- In VIC and NSW only the Party named on title as the 'CT Controller' (VIC) or CoRD holder (NSW) may Nominate an electronic title to a lodgement case (VIC) or Consent to a dealing (NSW) be it paper or electronic.
- PEXA has implemented controls which exceed those available in the paper channel. In short PEXA offer superior protection to Financial Institutions as Mortgagees by enabling Financial Institutions to reserve former and alternate mortgagee names for their use only as well as restricting representation to none or only pre-identified PEXA representative subscribers.
- Unlike the paper channel, PEXA retains a detailed audit trail of all activity that occurs in a given workspace.
PEXA, together with ARNECC and jurisdictional registrars continue to work diligently to ensure that electronic conveyancing provides equivalent, if not better, controls to mitigate against fraudulent activity.
