16-12-2020 10:33 AM
Coming into the busy season it is imperative to ensure that cyber security is a focus for your business.
Workspace security – sharing/obtaining account details for settlement
Since March 2020 there has been a significant increase in email phishing. A number of our practitioners have unfortunately been the victim of email fraud over the past month in different circumstances. I am sure that they can confirm that this situation is highly stressful for the practitioners and clients alike. In addition, we regularly see corrective payments come through to correct an error that has been made when keying in account details in PEXA.
PEXA recommends the use of PEXA Key to mitigate your risk of the above scenarios.
PEXA Key is a secure app for clients through which account details required for settlement can be exchanged and clients can track their settlement’s progress. When sellers input their bank account details into PEXA Key, the app communicates this information into their practitioner’s PEXA Workspace, eliminating the need to engage insecure communication channels, such as email, and risk interception by a third party. This solution also removes the need to rekey bank account information and enables the practitioners to provide their firm’s trust account details securely to the buyer.
Please contact your PEXA Representative if you have any questions.
General Security tips
There are a few simple steps you can take to help improve your online safety and protect yourself from scammers and cyber-criminals. Here’s how:
Note, this is not a full list of security measures you should take to ensure your cyber-security. If you are in doubt, or you are not sure, you should seek advice from an IT professional. Full Subscriber obligations on digital security are set out in PEXA’s Subscriber Security Policy.
You can find out more information about spam and phishing emails and protecting your business from attacks by visiting the PEXA website, pexa.com.au/security/members, or the ACSC has fantastic resources for small to medium businesses. In addition, you can visit our security page on Community here, where you can subscribe and receive security updates.
The information provided in this email is general in nature and is not intended to be a comprehensive guide to cyber security. PEXA Members are responsible for the security of their own systems. You should not rely solely on the information in this document. If you are unsure of your obligations under the Participation Agreement between PEXA and your organisation, or if you are not satisfied that your systems are adequately secure, you should obtain professional advice.