Scammers attempt to steal $200,000: Real estate bulletin Issue 140 (April 2017)

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All documents issued prior to 1 July 2017 were issued by the former Department of Commerce. Documents listed here are the latest versions available, but may be subject to review. For more information on this document, please contact online@dmirs.wa.gov.au.

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Property industry

The Department has received another report of a scam attempt.  Fortunately, the scam was thwarted by the property buyer’s attention to detail. 

The scammer attempted to divert settlement funds from the buyer into their own bank account, by creating an email address similar to that used by the settlement agent. 

The attempt failed because the buyer noticed the discrepancy and contacted the settlement agent using previously verified contact details.  

The media statement contains further details.

While this scam was aimed at the buyer, it is an important reminder to real estate agents to be wary, as it shows scammers are constantly finding new ways to target individuals and businesses.

To help you and your business avoid being scammed, you should have practices in place to:

  • check the email address when a request to authorise payment, change bank account particulars or contact details is received;
  • verify the authenticity of requests by using known contact details already on file – it’s advisable to phone the sender; and
  • enter payee details manually on each occasion, rather than storing them within the bank account, as scammers may gain access to the payees list.

Details of previous scam attempts and advice can be found in Real estate bulletin Issue 118 and Real estate bulletin Issue 121.

Consumer Protection
Bulletin
Last updated 11 Apr 2017

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