You may have heard that conveyancing transactions have become digitalised if you plan to buy a house in Queensland, which is easier yet also vulnerable to phishing attacks at the same time.
When choosing among property solicitors in Townsville or Brisbane, you should ask about their cybersecurity strategies. Otherwise, the consequences can be detrimental to your finances.
In 2017, a buyer from South Australia lost
More than $500,000 after falling victim to a phishing scam. The person unknowingly sent the payment to someone who posed as their conveyancer, which ultimately led the company to face a lawsuit based on negligence.
The good news is that such cases could be rare today after a study showed that more than 80 per cent of first- and second-tier law firms use anti-phishing technology. Property buyers should be aware if their chosen conveyancer has the same cybersecurity tool. For law firms, more needs to be done to improve safety and avoid more than just a legal case.
While the majority of law firms have anti-phishing in place, at least 14 per cent have no way of protecting themselves. Most companies use a cloud-based anti-phishing service to prevent hacking activity, while some chose on-premise systems.
Cybercriminals are more likely to hack those without any form of protection. If this happens, conveyancers immediately risk paying fines for their failure to comply with the Notifiable Data Breaches regulation, aside from losing clients and damaging their reputation.
Phishing is not the only one that you should be mindful, as there are other types of scams that target home buyers. In the meantime, it is better to conduct your transaction in person. Avoid clicking links or attachments to emails even if you are sure it came from your conveyancer since this is how hackers accomplish their goal.