PROTECT YOURSELF FROM CONVEYANCING SCAMS BY SUE STEEL Property buyers are being urged to take extra care when transferring funds, as scammers increasingly target real estate transactions. These scams have cost victims hundreds of thousands of dollars and, in some cases, their entire life savings. According to the Australian Competition and Consumer Commission (ACCC), Australians reported losing approximately $2 billion to scams in 2024. While current data on property-related scams is limited, in 2023 Australians lost $16.2 million specifically to payment redirection scams, highlighting the ongoing risk in property settlements. In one recent case, a buyer was tricked into transferring $284,000 to a scammer's account after criminals infiltrated an email chain between the buyer and their solicitor. The fraudsters sent a fake invoice with altered bank details, and the funds were lost before the scam was discovered. At Stacks Law Firm, our clients are routinely warned about these threats. We include cybersecurity alerts in all client communications and advise clients to independently verify bank details by phone before making any transfers. Scammers often gain access to email accounts and impersonate trusted professionals such as solicitors or real estate agents. These emails often appear legitimate, with fake invoices containing altered account details. They are becoming increasingly sophisticated, changing only a single character in an email address, for example, to avoid detection. How to Protect Yourself Never rely solely on emailed bank account details. Always call your solicitor using a verified number from their website or previous correspondence. Be cautious with urgent requests. Scammers frequently apply time pressure to push victims into acting quickly. STACKS Do not act on updated payment instructions without speaking directly to your solicitor. SUE STEEL Carefully check account numbers, even one incorrect digit can result in funds being misdirected. Spot the Red Flags A change in payment details close to settlement Email addresses that are slightly misspelled or inconsistent Phone numbers in emails that do not match previous contact details Messages containing poor grammar or strange formatting Sudden urgency or pressure to act Added Protection Through Law Firms Solicitors within established law firms typically use multi-layered cybersecurity systems, including encrypted communications, dual authorisation for trust account withdrawals, and internal verification processes before releasing funds. Clients should always ask what protections their solicitor has in place. If You Suspect a Scam If you believe you've been scammed: 1. Contact your bank immediately. 2. Report the scam to Report Cyber. 3. Notify Scamwatch. 4. Seek legal advice. Real estate transactions often involve large sums and tight deadlines, making them prime targets for cybercriminals. With vigilance, secure practices, and trusted legal representation, buyers and sellers can protect themselves from devastating financial loss. Looking for a secure and stress-free property transaction? At Stacks Law Firm, we combine experienced legal advice with robust cybersecurity practices to ensure your property matters are handled securely. If you're buying or selling and want peace of mind, contact our office today to speak with one of our experienced professionals. 02 6767 2000 1 Fitzroy Street Tamworth stacklaw.com.au STACKS LAW FIRM AW7447237 PROTECT YOURSELF FROM CONVEYANCING SCAMS BY SUE STEEL Property buyers are being urged to take extra care when transferring funds , as scammers increasingly target real estate transactions . These scams have cost victims hundreds of thousands of dollars and , in some cases , their entire life savings . According to the Australian Competition and Consumer Commission ( ACCC ) , Australians reported losing approximately $ 2 billion to scams in 2024. While current data on property - related scams is limited , in 2023 Australians lost $ 16.2 million specifically to payment redirection scams , highlighting the ongoing risk in property settlements . In one recent case , a buyer was tricked into transferring $ 284,000 to a scammer's account after criminals infiltrated an email chain between the buyer and their solicitor . The fraudsters sent a fake invoice with altered bank details , and the funds were lost before the scam was discovered . At Stacks Law Firm , our clients are routinely warned about these threats . We include cybersecurity alerts in all client communications and advise clients to independently verify bank details by phone before making any transfers . Scammers often gain access to email accounts and impersonate trusted professionals such as solicitors or real estate agents . These emails often appear legitimate , with fake invoices containing altered account details . They are becoming increasingly sophisticated , changing only a single character in an email address , for example , to avoid detection . How to Protect Yourself Never rely solely on emailed bank account details . Always call your solicitor using a verified number from their website or previous correspondence . Be cautious with urgent requests . Scammers frequently apply time pressure to push victims into acting quickly . STACKS Do not act on updated payment instructions without speaking directly to your solicitor . SUE STEEL Carefully check account numbers , even one incorrect digit can result in funds being misdirected . Spot the Red Flags A change in payment details close to settlement Email addresses that are slightly misspelled or inconsistent Phone numbers in emails that do not match previous contact details Messages containing poor grammar or strange formatting Sudden urgency or pressure to act Added Protection Through Law Firms Solicitors within established law firms typically use multi - layered cybersecurity systems , including encrypted communications , dual authorisation for trust account withdrawals , and internal verification processes before releasing funds . Clients should always ask what protections their solicitor has in place . If You Suspect a Scam If you believe you've been scammed : 1. Contact your bank immediately . 2. Report the scam to Report Cyber . 3. Notify Scamwatch . 4. Seek legal advice . Real estate transactions often involve large sums and tight deadlines , making them prime targets for cybercriminals . With vigilance , secure practices , and trusted legal representation , buyers and sellers can protect themselves from devastating financial loss . Looking for a secure and stress - free property transaction ? At Stacks Law Firm , we combine experienced legal advice with robust cybersecurity practices to ensure your property matters are handled securely . If you're buying or selling and want peace of mind , contact our office today to speak with one of our experienced professionals . 02 6767 2000 1 Fitzroy Street Tamworth stacklaw.com.au STACKS LAW FIRM AW7447237