How to stop your firm and your clients becoming victims of cybercrime

Promoted by InfoTrack

Your organisation is only as strong as the weakest link when it comes to cybersecurity.

In October 2019, the Sydney Morning Herald reported that, “Australians are reporting incidents of cybercrime about every 10 minutes, according to statistics released by the nation's cyber security watchdog. More than 13,500 reports of cybercrime have been received by the Australian Cyber Security Centre since July. Victoria made up the bulk of those reports at 26 per cent (3,027 reports), followed by NSW with 25 per cent (2,922). The most-common type of cybercrime reported to the ACSC is online fraud, closely followed by identity-related offences. The organisation says cyber security incidents cost Australian businesses up to $29 billion each year.”

A common occurrence in the property industry today is that a lawyer or real estate agent believes that their process is safe when it comes to sharing trust account details and confidential documents. One of the most common processes is to send information via a pdf and follow up with a phone call, or vice versa. However, just because a pdf is attached to an email, whether it’s encrypted or not, and followed up by a phone call does not mean your process is safe and secure. All it takes for a hacker is to send a secondary email and for your client to respond to that, for funds to be lost.

A recent case where a Gold Coast man allegedly requested a housing deposit be released from a trust fund early, leaving the buyer without their money or the property emphasises these potential flaws with email.

As cyberattacks rise, InfoTrack decided to survey their clients about their exposure to cybercrime. The findings revealed an alarming number of cyberattacks occurring within the legal and real estate industries, with 29.8% of InfoTrack clients experiencing hacking attempts and 23.3% having their emails intercepted. To support our clients in strengthening their firms to avoid cyber fraud, an innovative technology solution was needed.

In response to this need, InfoTrack launched Securexchange, which is designed to stop sharing trust account details via unsecured emails, protecting against financial loss and the reputation of all professional parties involved in a property transaction.

4 reasons to use Securexchange:

• Securexchange changes the way you communicate your trust account details and confidential documents as it is in a secure environment.
• Securexchange provides a safe environment for all parties in a property transaction to exchange confidential information such as documents and bank account details.
• The Securexchange site is only accessible to a network of Authorised Users. All users must enter their password to login and are requested two-factor authentication when accessing privileged information.
• All information entered in Securexchange is encrypted for additional security.

Why isn’t virus scanning software enough?

InfoTrack’s survey helped us understand what daily challenges property lawyers, conveyancers and real estate agents face when it comes to property funds. Solutions like multi-factor authentication and virus scanning software are only part of the equation in keeping your firm cyber safe. Hackers are getting smarter and smarter, continually finding new ways to intercept email communications and divert funds to different accounts, robbing innocent individuals.

Email fraud has become a major problem in the Australian property. Securexchange is a technology innovation that solves a problem plaguing the property industry. It helps to stop your firm and clients becoming victims of cybercrime.

Your firm is only as strong as the weakest link in your information sharing. To protect your firm, invest in strong technology services and always be smart with what information you share. Know who you are communicating with and always choose the safest method to do so. Try Securexchange today to protect your firm and your clients.

ABOUT INFOTRACK

InfoTrack is the leading innovator in legal technology. We provide an integrated platform that enables our clients to find, analyse, organise and communicate information efficiently and effectively. InfoTrack has been at the forefront helping businesses through technology innovation for over 19 years and has a deep understanding of the legal and conveyancing industry with over 8,000 legal clients across Australia.

ABOUT SECUREXCHANGE

Securexchange is a new standard in property exchanges, powered by award winning technology company InfoTrack. Securexchange is a simple and secure mobile website that enables you to exchange information about a property transaction in a safe place, away from the prying eyes of hackers.

https://www.securexchange.com.au/