PEXA, MASTERCHEF, CYBER FRAUD & BEST PRACTICE

You might have seen in the media a recent case of fraud, which occurred during a property transfer settlement. Briefly, the e-transfer system of settlement will shortly replace Australia’s Torrens Title paper exchange, with NSW set to become mandatory next July. While all systems are vulnerable to cyber attacks, it is important that professional practitioners and the public have confidence that the platform is sufficiently robust to prevent cyber fraud. It is important to note that the hackers in the ‘MasterChef’ case broke into the client’s conveyancers system, accessing kept emails relating to passwords and used these credentials to access the PEXA system. More importantly, funds cannot be misdirected unless the practitioner physically signs off on the fraudulent account using their secure digital signature and password. Notwithstanding this, PEXA is introducing multi-factor verifications for all users in the coming weeks. Vigilance is part of our best practice at Medcalf Grant and we always adopt a more critical procedure when obtaining sensitive details from our clients. It is our main agenda to develop anti-fraud policies. If you would like to discuss security around electronic settlements please contact us