LET’S WORK TOGETHER TO BEAT INTERNET FRAUD

Can you imagine closing a sale, only to be advised a day or 2 later that the purchaser received an edited email with a fraudster’s banking details, that he paid the deposit into that account, and that the money is gone?

We see these edited emails from fraudsters almost every week, and the incidence is growing. As a part of the property sector, where large amounts of money are transferred routinely, we are a logical target, and we need to warn our clients of the risks.

If you adopt the principals and procedures set out below, this will go a long way to ensure that you and your clients are never caught out:

1. Warn your clients personally about the very real threat of cyberfraud the moment you discuss an offer to purchase, especially the Purchaser who will be paying a deposit!
2. Be specific about the risk of emails being altered to change banking details (as this is the most common threat).
3. If the funds are being paid into the agency’s account, give your clients your banking details personally, or over the phone, and then confirm by another means if necessary.
4. Don’t send your bank account details to a client via email before you have spoken to them to warn them of the risk of fraud and given them the bank details over the phone, that way they can double check.
5. When large sums are involved, clients should always make a nominal “test” payment first, and wait for it to reflect, before paying the full amount.
6. Warn your clients that you will never send them an email to change your banking details.
7. Do not send a conveyancer’s banking details to your clients, let the conveyancers do that themselves.
8. Never leave your computer, tablet or mobile phone unattended while you are logged in. The information on your device is valuable for a fraudster and might create an opportunity.
9. Never disclose your computer/email/mobile phone log on credentials to anyone else and change your passwords regularly.
10. Ensure you have a reputable antivirus software on all your devices and have your computer and other devices scanned for spyware on a regular basis.
11. Don’t disclose the identity of your buyers to anyone who does not need to know who they are.
12. Avoid using any public Wi-Fi where possible.

Let’s work together to beat the fraudsters and to keep our money safe!

Kindest regards

Miltons Matsemela Inc.