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October is Cyber Security Awareness Month. Many in the industry are taking this opportunity to shine a light on the risks involved in lending.
According to research from InfoTrack, 50 per cent of Aussie property purchasers expressed little to no concern at all about sharing their personal details. Just 35 per cent were significantly or highly concerned about the security of their personal data during a transaction.
Real estate is reportedly a key target for cyber criminals who can access personal information, bank details, and large transactions.
“Cyber security appears to be the property sector’s blind spot with many Australians underestimating the threat of insecure transactions and correspondence,” said InfoTrack’s chief operations officer, Lee Bailie.
Bailie said there is a growing gap in cyber awareness and consumer preparedness.
“As the digitalisation of property transactions accelerates, so do the risks, and many Australians are navigating high-value transactions without fully understanding their exposure,” he added.
The InfoTrack report revealed the average property deposit is around $160,000. Of the survey respondents, 46 per cent said they were concerned about transferring large sums without secure platforms. Another 26 per cent said they weren’t concerned.
This data was supported by recent research from ANZ, which found 87,400 cyber crime reports were made in the financial year 2023–24 – one every six minutes.
This cost Aussie businesses over $84 million. The average cost to small businesses was $49,000, up 8 per cent year on year.
ANZ head of transaction banking, Cosi De Angelis, said Cyber Security Awareness Month is the opportune time to keep on top of scams.
“Too often, I see scammers attempt to target small business owners by impersonating trusted business partners or long-term suppliers. Business owners are often run off their feet, and cybercriminals will look to exploit this and take advantage of hardworking Australians,” said De Angelis.
“Given the sheer volume of emails, text messages, instant messages and social media messages business owners and employees send and receive each day, it’s not surprising we tend to act on things straight away and sometimes overlook inconsistencies in correspondence. Scammers will take advantage of this – I implore Australians to double check all communication and if in doubt, contact your vendors and suppliers.”
For business owners, ANZ provided some tips:
- Your bank will never ask you to share sensitive banking details like passwords, PINs, ANZ Shield Codes, or one-time passcodes. If someone requests this, hang up immediately.
- Seek confirmation by phone rather than email if you receive a change of banking details from a supplier or a new supplier you have not paid before.
- Request two authorisations for payments to create an extra level of security, particularly for large transactions or those that are sensitive or urgent.
- Review how you update supplier details, making sure employees are aware of the new or updated policies.
“Proactively educating clients, advocating for secure digital platforms, and reinforcing safe digital practices must become standard. Secure platforms which cut out the need for email and require passcodes, multi factor identification, and one-time pins must be the way forward,” added Bailie.
“As cyber threats grow more sophisticated, professional vigilance is essential to protect buyers who may not yet recognise the danger. If you’re the one buying or selling, ask your agent or lawyer how they plan on protecting your sensitive information – if they’re still asking you to send those details via email, demand better or look elsewhere.”
