July 2023 Newsletter

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July 2023 Newsletter

7 July 2023

Newsletter snapshot:

  • Site-wide discount to celebrate World Chocolate Day! 🍫

  • Industry updates: Over $300,000 stolen from WA real estate trust account by scammers // Update on NSW rent bidding ban compliance.

  • Disciplinary action: NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud // Former Victorian estate agents representative banned from industry for 10 years, fined $2,500 // Former Victorian agent sentenced for misuse of over $100,000 in trust money.

  • Legislative changes: Rent bidding banned in South Australia // New laws around rent increase frequency for Queensland commenced 1 July 2023.

  • Feature blog: ‘Protecting your real estate business from scam activity and fraud’.

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Over $300,000 stolen from real estate trust account by scammers

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Over $300,000 stolen from real estate trust account by scammers

26 June 2023

Less than a month after a real estate agent lost $43,080 and two settlement agents lost a combined $64,468, a Western Australia real estate agent has lost $329,500 in trust account money after falling victim to a remote access bank scam last week.

Western Australia Consumer Protection reports that the scammer convinced the agent to download remote access software to their computer, which the scammer then used to access the agency trust account. The scammers were successful in completing a range of transactions out of the trust account while on the phone with the victim. The agent’s real bank then called to alert them that they were concerned about possible fraudulent activity on their account.

We recently published a blog post on protecting your real estate business from scam activity and fraud.

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Protecting your real estate business from scam activity and fraud

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Protecting your real estate business from scam activity and fraud

21 June 2023

As technology and internet capabilities advance, it is crucial for real estate businesses to understand the ways in which they can prepare and protect personal and financial information to keep their business, clients, and tenants safe.

Fraud can arise in many forms, including through email correspondence and attachments, e-signed leases, electronic use of documents, and online banking. Agencies and their staff are increasingly susceptible to high-tech fraud that is more difficult to detect.

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June 2023 Newsletter

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June 2023 Newsletter

20 June 2023

Newsletter snapshot:

  • Site-wide ‘End of Financial Year’ discount code!

  • Industry updates: Scammers target real estate and settlement industry trust accounts // Northern Territory 'Water Plan' announced, providing water security for Territory residents.

  • Disciplinary action: WA agency fined over failure to act in best interest of clients // Victorian estate agent prosecuted for alleged trust account misuse // Queensland agent sentenced to eight years in jail for fraud // Victorian agent jailed for trust account misuse.

  • Legislative changes: NSW portable bond scheme and further reform to recent laws around rent bidding // WA Consumer Protection announces changes to tenancy laws // South Australia rental reforms: An update on laws for renting with pets.

  • Important reminder: ACT CPD due 30 June 2023 for licence holders.

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

30 May 2023

Agents in Western Australia are being urged by Consumer Protection to stay vigilant when it comes to fraud prevention and suspicious scam-like activity.

Consumer Protection has reported that in the past two days, WA ScamNet received one report from a real estate agent who advised they’d lost a total of $43,080, and two reports from settlement agents who lost a total of $64,468.28.

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WA Consumer Protection: Fake social media accounts used to scam eager renters

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WA Consumer Protection: Fake social media accounts used to scam eager renters

7 September 2022

WA Consumer Protection has reported a rise in fake social media ads that make use of stolen images of legitimate rental properties, to lure in people eager to secure a rental property. Victims of these scams have fallen into the trap of making hasty decisions and transferring money to secure a rental property without carrying out proper checks. Consumer Protection has advised that landlords and agents must also be cautious when posting ads for rental properties, as scammers may respond.

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