Scam targeting the property industry and its clients
Scammers are targeting property buyers and sellers by sending emails appearing to be from legitimate real estate or settlement agents. The emails request money payment or notify of a change in bank account details.
Payment redirection scams involve hacking or cloning email accounts and then using them for money requests. Property buyers and sellers who are targeted by this scam are less likely to question the message as money transfer requests are expected.
Payment redirection takes place when scammers change the bank account so the money ends up being transferred into an account under the control of the scammers. Property transactions are prime targets for this scam due to the often large amounts of money involved.
People working in the industry and consumers involved in buying or selling property need to be extra vigilant when acting on payment requests or being advised of changes in bank account details.
More information and how to avoid the scam
Do you want to know how to spot a scam? We regularly run presentations to groups about tips on how to spot a scam and what to do if you or someone you know has been targeted by a scammer.
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