21 billion reasons to avoid email Australia’s $7 trillion1 residential market, the nation’s most valuable asset class, is currently battling a rise in the country’s number one cyber threat to property settlements – email phishing. In FY20, business email compromise (BEC), a form of email phishing, increased by a concerning 127 per cent2 – a spike notably coinciding with the onset of COVID-19. The average house price in Australia
ranges from as high as $1.1 million in Sydney to $500k in Darwin. Understandably, the property industry is a lucrative target for scammers, and unsuspecting buyers and sellers are at risk of losing their life savings because of the dangers posed by a simple email. This global issue is exactly why PEXA, in collaboration with industry, worked to develop a tailored solution to protect Australia’s homebuyers and sellers. Launched 12 months ago, the PEXA Key app is designed as a secure method for practitioners and homebuyers or sellers to share financial account details, mitigating the risks associated with email.
Jamie-Lee Carragher, Director of EzyStep Conveyancing, has been using PEXA Key since it was launched and said: “Our clients put their faith in us, that we are going to protect them and do what’s in their best interests as conveyancing professionals. We’ve seen the impact of BEC; of funds being misdirected into a hackers account. Nobody wants this to happen to their clients. That’s why we use PEXA Key. It gives us, and our clients, the reassurance that their settlement, their life savings, are protected. Email is not enough anymore. We have to think outside of the box and provide our clients with the service they expect and deserve”.
10
