Property Insider
propertyinsider@echo.net.au
Alert from NSW Fair Trading: Agents beware property fraud. a week before the account is closed. Real estate agencies should have procedures in place to reduce the potential for fraud in real estate transactions.
This year NSW Police Cyber Crime Unit has reported a rising number of property frauds involving the use of false bank accounts. The scam can occur when an agent emails the purchaser the trust account bank details for the deposit, or the vendor emails the agent the account details for the settlement funds. The scammer will intercept this email and modify the payment details providing alternate banking information linked to an account the scammer has access to and sends this back to the purchaser or agent, who then pays the money into the fraudulent account. Often the email the offender sends to the purchaser or agent mimics the original email sent from the agent or purchaser, with small changes to give the appearance of legitimacy. Once the money enters the account, it’s generally spent within
Once the money enters the account, it’s generally spent within a week before the account is closed.
Advice for agents on how to avoid fraud • Do not provide trust account bank details to purchasers solely by email. Email is not secure and can be compromised without knowledge, meaning your email could be intercepted and your trust account bank details modified, so the purchaser pays the funds to the scammer and the funds are lost. • Agencies should use at least two forms of contact to verify all transactions and provide the trust account details personally, verbally by telephone, or by text message. If the purchaser insists on receiving account details
Fair Trading’s website and view the Fraud prevention guidelines and the Supervision guidelines.
ATO myGov scam warning
by email, warn them that there are risks, and to contact you or your agency directly to verify the account details before it is paid. Don’t send this advice by email or it may be modified by scammers. • When settlement occurs, also be wary of account details provided
by vendors by email. Obtain the vendor account details as part of the managing agency agreement, and always follow up changes by email with a telephone call to verify the details prior to making any payment. For more on avoiding fraud, visit
The ATO has also reported increasing numbers of myGovrelated SMS and email scams. These scams look like they have come from a myGov or ATO email address or may appear in a legitimate ATO or myGov SMS conversation. For more information go to https://www.ato.gov.au/General/ Online-services/Identity-security/ Scam-alerts/.
coastal & hinterland sales
B Y R O N B AY, 6 Grevillea Street Expressions of Interest Closing 12pm 4 September 2
2
21
3110m2
Large Industrial Block + Sheds, Shops & a Unit + Incredible & rare opportunity for a Byron Bay commerical investment with development opportunity + 1463 square meters of buildings. 3 existing shops, a caretaker’s unit an plans for a warehouse + Great exposure along Ewingsdale Road. Easy access to the motorway and Byron Bay CBD + Prime location with space available for your own business to move right in. Don’t miss out! Katrina Beohm 0467 001 122 or Christopher Plim 0467 000 222
“
My experience with Katrina was very rewarding. Her professionalism and knowledge was helpful to me in achieving the sale of my property. Very easy to deal with.
Katrina Beohm Director
Christopher Plim Sales Agent
Rachael Jenkins Sales Manager
0459 066 087 www.echo.net.au/byron-echo Byron Shire Echo archives
Gail Beohm
Lily Hewitt
Sales Support
Sales Admin
8 P O R T E R S T R E E T B Y R O N B AY
Carol Clark
”
kbrealestate.com.au
ƖīƖƆƐ ǩǭǽ ǩǧǩǧ The Byron Shire Echo 21