The problem is not with the Conveyancers or Lawyers if they do everything by the book Peter. It is when someone creates a fraudulent PEXA user account and CHANGES the account already put in the system. PEXA allows new users to be created WITHOUT approval by the subscriber who is identified by PEXA when creating the original account. Once this new user is created, they go in and change the destination account with the practitioner being none the wiser. Your only protection is not to put in the destination funds to the Vendor client until the last minute (which is not practical nor fair for us as practitioners who are then left to sign off on everything last minute). And if you put in the account prior to settlement, you need to ensure you re-check the information again immediately prior to sign off of the figures. This has happened twice now. The latest incident with the Masterchef contestant was the SECOND time this has happened. PEXA did nothing to alert us after the first occasion which was back on 28th May. That's right, this has been known to PEXA since the 28th of May and it is only since this latest occurrence (because it got taken to the media) that any action has been taken! The first time it was over $1mil in Vendor funds that was siphoned! This latest one was $250,000. Coincidentally, the bank on the first one was also CBA account. It is only since the media release on the Masterchef contestant that both PEXA and CBA have taken some further action. Don't be so quick to trust the system.... Bre
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