We are all familiar with the Nigerian email scams which even today occasionally rear their head. More pertinent to the property industry are cases of identity fraud and cyber attacks in relation to the sale and purchase of properties which seem to be becoming more and more prevalent.

Examples that we have seen include:

• Contracts signed by a fraudster rather than the registered owner.
• Hacking of email accounts and changing bank details so that funds are diverted to the hacker’s account rather than the intended recipient.

This begs the question as to what can be done to try and prevent these fraudulent transactions. Obviously, obtaining photographic ID at the beginning of the transaction is important as well as obtaining and being aware of addresses and contact details provided by sellers and buyers.

There are already duties imposed under section 162 Land Title Act 1994 on those witnessing documents (be they solicitors, JP’s or Commissioners for Declarations) to identify persons whose signatures they are witnessing. The witness must:

• Take reasonable steps to ensure the individual signing is the person entitled to sign the document,
• Ensure that the individual signing the document executed the document in the presence of the witness,
• Not be a party to the document.

The Titles Office is introducing more stringent witnessing requirements later this year.

Where electronic settlements are undertaken, PEXA has rules and requirements in identifying sellers and buyers who wish to use the PEXA platform.

As regards cyber attacks, obviously having cyber security in your computer network is crucial. However, further steps can be taken with monetary transfers by telephoning the recipient to confirm the bank details that have been provided.

It is important to be ever vigilant for fraudsters whose methods of deception seem to be developing at an alarming rate.

Contact Us

Purchasing, selling or transferring property? Get the best representation. Contact Quinn & Scattini Lawyers on 1800 999 529, email mail@rmold.newwebsite.live or submit an enquiry below.

We are available to meet with you at any of our local offices (Brisbane, Gold Coast, Beenleigh, Cleveland and Jimboomba) or by telephone or video-conference.

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This update is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.