The victim of the sophisticated cybercrime, a REINSW member agency, warned others that it could happen to them and to make changes to ensure they are protected.

Over $757,000 was stolen, and they witnessed one of the five fraudulent transactions being processed and approved on their online banking system in front of their eyes.

“It is important that agencies become more aware of cybercrime and check the systems they have in place to protect themselves, because this type of crime is growing exponentially.

The principal said: “I have been a principal for over 20 years, am very thorough and careful in what I do. Many agencies will think it can’t happen to them because they have systems in place, but they need to be aware that it can happen to anyone. READ THE FULL STORY

“Complacency is your biggest enemy”.

You can stop Trust Account Hacking

A follow-up article by REINSW, Macquarie Bank and BankVault offers tangible solutions to real estate agencies and all who manage trust accounts. Macquarie Bank has produced a fraud advice series.

BankVault.com provides solutions – a mix of technology and social reengineering to prevent issues such as “man-in-the-browser” or “key-loggers” which secretly capture keystrokes. READ MORE HERE