Security Reminder - Confirming client bank details
PEXA is aware of phishing attempts outside the PEXA platform where unknown parties are intercepting emails between practitioners and their clients and fraudulently changing customer bank details which may result in the unwitting misdirection of funds.
While not specific to e-Conveyancing, PEXA urges all practitioners to take steps to reduce the risk of fraud. This includes verbally confirming bank account details with your clients before entering them into the settlement schedule (if completing the transaction electronically).
It may not be sufficient to simply confirm with the client that they have sent you an email with their bank account details. It would be appropriate to read the bank account details out to your client, confirming that the information you have received is the same as what the client intended to send.
The Law Institute of Victoria offers a practical guide covering cyber security which we would encourage you to read. In addition, The Queensland Law Society has also published a warning in relation to email scams.
If you have any questions or concerns regarding an existing transaction, or guidance on how to stay safe online, please contact the PEXA Support Centre on 1300 084 515 or visit the security page on our website.