Protect your property transaction with lawlab

A recent report by the ACCC has revealed that Australians have lost an estimated $91.6 million to payment redirection scams, with real estate transaction becoming a major target for cybercriminals.
Imagine saving for years to purchase your first home, where the median house price in major cities is $932,000, only to fall victim to a fraudster posing as your real estate or solicitor.
As Data Protection Day approaches on 28th January, we at lawlab want to highlight the data and security threats everyday Australians face and how we’re working to protect our clients.

Understanding real estate scams

The most common real estate scam is a payment redirection scam. Hackers gain access to email exchanges or impersonate a business’ email address, altering payment details within these communications and redirecting the money intended for the legitimate party into the fraudsters account.
For instance, a couple lost over $700,000 when their email exchange with their mortgage broker’s email was intercepted, and another woman lost $440,000 when her solicitor’s email was compromised and settlement account details altered. It can be difficult to spot as the email generally looks legitimate with a professional signature sign-off. Victims of these scams rarely get their money back.
Using services that prioritise data security is one of the best ways to protect yourself from online scams. At lawlab, we take cybersecurity seriously and use innovative technology to protect your data throughout the home buy and sell process. Here's how we ensure your property transaction is as safe and secure as possible:

• Personalised security: Each client has their own account on the Rundl platform, which is secured by a unique username and password.
• No email requests: Our communication and document sharing between clients, finance brokers, agents and legal advisors is done securely on our Rundl platform.
• No sensitive information requests: We will never ask for sensitive details, such as bank account numbers, through email.
• Verification by phone: If we need to discuss sensitive information, our team will always confirm details with clients over the phone to ensure security.
• Always verify suspicious communication: If you receive any suspicious calls or emails, hang up and contact us directly at 1800 529 522. We’re always here to help.

The key is to remain vigilant and follow best practice. If you want to know more about how we’re helping to protect clients, call us on 1800 529 522.

Mymy Nguyen

Mymy is a legal advisor at lawlab. She has a Bachelor of Laws from the University of Queensland. She specialises in property law including residential and commercial conveyancing. Outside of work she spends her time playing ice hockey and starting new books she forgets to finish and taking her dog to the beach.