Property sales are a tempting target for scammers, but there’s one sure-fire way to up your security. Photo: South_agency.
A young Brisbane family loses $40,000 after scammers intercept their house deposit.
In Melbourne, $250,000 vanishes mid-settlement via the PEXA platform.
Two separate WA homeowners return from overseas to find their properties sold – without their knowledge.
Stories like these might shock you – but not Velocity Conveyancing director Peter Romano.
“Legal work – particularly conveyancing – is a highly targeted area for fraud. And it makes total sense,” he says.
“A property is a big-ticket item. You would have to convince a lot of grannies to buy $20 gift cards to scam your way to the value of a million-dollar house.
“Property sales is also something your everyday Australian doesn’t deal with on a daily basis. They’re not aware of the procedures, it’s high stakes, high pressure and there’s often a time crunch. Fraudsters rely on all of that to steal from everyday Australians, including right here in the ACT, using tactics that even fool seasoned professionals.”
The shift to digital tools such as Property Exchange Australia (PEXA) has streamlined property transactions, but introduced new vulnerabilities.
The online conveyancing platform used across Australia makes it easier to access services nationwide, but may also lull users into a false sense of security.
“PEXA doesn’t negate the need to stay vigilant – any online platform is only as secure as the person using it,” Peter says.
“Too many people don’t even use PEXA Key. It takes two minutes to set up, but then any communication sent through it is encrypted through the platform. So already, it’s much harder for hackers to intercept correspondence and scam you that way.”
Velocity Conveyancing director Peter Romano trains staff to be vigilant and to proactively identify potentially fraudulent activity. Photo: Thomas Lucraft.
But as long as fraudsters learn, pivot and upskill, conducting big business online will come with a measure of risk.
As Peter points out, conveyancing is not just paperwork; beyond the what, it’s the who and the where that matters.
“When it comes to buying or selling your single greatest asset, you want local people on the ground with local knowledge that you can trust,” he says.
“You can walk into any of our six branches and hand over your bank account details. They’ll go straight into our secure systems. I would like to see a hacker intercept that.
“In a way we’ve come full circle. Online is convenient, but if security is your priority, old school is now the gold standard.”
Having been on the frontlines in the evolving fraud landscape, Velocity Conveyancing has become an expert in protecting clients.
The firm never accepts bank details via unsecured email, using instead encrypted portals or mandatory verbal verification for every client.
“Nothing beats receiving this information in person,” Peter says.
The team employs advanced Verification of Identity procedures using face-to-face, biometric, or cross-platform tools – not just relying on a driver’s licence.
Velocity lawyers are also trained for secure PEXA transactions, use multi-layer approval processes before any change is accepted in a settlement, and take a proactive approach to risk monitoring.
“Our staff are trained non stop. I test them myself,” Peter says. “We’re in this for the long run, so reputation is everything.”
Founded in Canberra in 1968, Velocity is proud of its local roots.
“We’re not an interstate business branching into Canberra as a way to expand its client base. This isn’t churn and burn for us. We’re locals, we care and we’re in this for the long haul,” he says.
“We’re here as much to help secure your property as to help sell it. We want to make sure your biggest asset never becomes your biggest loss.”
For more information visit Velocity Conveyancing.
