If this had happened in a state where the VOI Standard applies, and the solicitor or conveyancer could not provide evidence of safe harbour VOI, they would be exposed to the fraud risk.
The VOI Standard that safeguards solicitors or conveyancers from identity fraud risk has now been implemented for conveyancing transactions in WA, SA, VIC and NSW. Whilst VOI may feel inconvenient to some the importance to public safety and integrity of the land register is profound.
“It is unclear how many people may have been responsible for the sophisticated scam that shocked Canberra's real estate industry”
ACT has not yet introduced the VOI Standard. ACT firms may be preyed upon by fraudsters looking for weak links in the property system. Firms operating elsewhere without consistent safe harbour VOI practices may also be exposed to this threat.
ZipID’s agency service and VOI App ensure best available evidence of safe harbour VOI to guard your firm and Australian property owners against the threats of identity fraud in property dealings.