Homebuyers shrug off cybersecurity risks, even as scammers target property deposits

Many home buyers remain surprisingly unconcerned about cybersecurity risks despite a rise in scammers targeting property deposits. A recent report from InfoTrack shows that around half of Australians have little to no worry about sharing personal information during property transactions, even though the average deposit is now approximately $160,000. This complacency is alarming given the increasing number of cybercriminals exploiting real estate transactions for financial gain.
InfoTrack’s COO, Lee Bailie, highlighted that only about 35% of real estate participants showed significant concern about cybersecurity during transactions, underscoring a dangerous gap in awareness and preparedness. With more property dealings moving online, cyber risks grow, requiring stronger safeguards from industry professionals. Bailie emphasizes the need for moving away from email-based communication toward secure platforms that enforce multi-factor authentication and one-time passcodes. Buyers and sellers should demand better protection of their sensitive data as cybercriminal tactics become more sophisticated. Vigilance from agents, conveyancers, and consumers alike is essential to mitigate these costly scams in the real estate market.