By Julian & Renee (Australia) – with writing support from Alberto Aldana (Colombia
The buying or selling of property is one of the largest financial transactions most people ever undertake. It takes place at the centre of the conveyancing process, involving the purchaser, the vendor, and often the real estate agent managing the sale. As money needs to be transferred securely for settlement, firms such as Flash Conveyancing operate a regulated trust account. This trust account safely holds your money during the transaction until settlement.
Cybercriminals often target money transfers during property transactions because they involve large sums of money. Scammers may pose as real estate agents, solicitors, or conveyancers through emails requesting payment or directing transfer payments to fraudulent bank accounts.
When buying a property, money usually changes hands twice for most buyers:
- The deposit, generally paid after signing the contract.
- Before settlement, the remaining purchase funds are transferred as the settlement balance, which is then paid to the vendor.
On occasion, additional funds may be required for adjustments or other costs, but these two payments are the most common. Flash Conveyancing operates a secure trust account for settlement funds and, importantly, its trust account has never been compromised. Although scams are becoming more sophisticated across Australia, Flash Conveyancing encourages every client to follow a very simple rule: always call the office to confirm bank details before transferring money.
This is especially important because settlement payments can be extremely large, often reaching $5 million or more, meaning that a single mistake could have serious consequences.
Settlement scams pose real and growing risks. According to industry reports from realestate.com.au and the property platform PEXA, payment redirection scams are increasing in Australia. Reported losses have risen from about $13 million in 2021 to more than $43 million in recent years. Scammers often send emails pretending to be a conveyancer, solicitor, or agent and ask the buyer to change bank account details shortly before settlement.
Fraudulent emails can appear almost identical to legitimate ones, sometimes differing by only a single letter in the email address. Once the money is transferred, it can disappear within seconds. Studies have shown that 97% of buyers failed to recognise warning signs in test scam emails, and some victims have lost hundreds of thousands of dollars. There have even been reported cases involving $700,000 or $900,000 or more. For this reason, buyers should take basic precautions:
• Call your conveyancer or agent using a known phone number to confirm payment details.
• Do not trust any last-minute email that changes bank account details.
• Use secure systems such as PEXA Key whenever possible.
• Carefully check the sender’s email address for small differences.
• If something seems unusual or rushed, take time to verify before transferring funds.
Julian and Renee of Flash Conveyancing are property transaction specialists throughout New South Wales. With years of experience working directly with local councils including Blacktown, Hawkesbury, Blue Mountains, The Hills, Hornsby, and Parramatta, they provide a personalised settlement service. Whether you are buying or selling in Acacia Gardens, Glenwood, Kings Langley, Quakers Hill, Marsden Park, Rouse Hill, Box Hill, Norwest, Castle Hill, or Windsor, their team ensures secure communication throughout the process.
Whether settlement is approaching or still a few days away, they can guide you through the process and help protect your funds so you can move forward with confidence.
Our team has a proven track record of working seamlessly with the Blacktown, Hawkesbury, Blue Mountains, The Hills Shire, Hornsby, and Parramatta councils.
North-West Growth Corridor: Marsden Park, Box Hill, Schofields, Tallawong, Riverstone, Gables, Melonba, Grantham Farm, and Angus.
The Hills District & Surrounds: Castle Hill, Kellyville, North Kellyville, Bella Vista, Baulkham Hills, Beaumont Hills, Norwest, Rouse Hill, Winston Hills, and Westmead.
Blacktown City & Established West: Blacktown, Seven Hills, Glendenning, Glenwood, Stanhope Gardens, The Ponds, Quakers Hill, Kings Langley, Parklea, Acacia Gardens, Arndell Park, Rooty Hill, and Doonside.
Hawkesbury & Lifestyle Estates: Dural, Middle Dural, Kenthurst, Glenhaven, Galston, Glenorie, Annangrove, Nelson, Cattai, Maraylya, Vineyard, and Windsor.
Parramatta & Emerging Hubs: Parramatta, Northmead, North Rocks, North Parramatta, Wentworthville, and St Marys.