We live in a world where technology has become so advanced and information is so readily available… from online shopping to the ability to be able to even make payment transactions using a smart phone.

So it makes sense that we should have passwords for everything – phones, bank accounts, email, online shopping accounts. You name it! All in an effort to help us add that extra later of securityto our most private information. In fact, extreme anti-fraud measures have just become part of everyday life. 

How many times have you received that dodgy email congratulating you of that amazing win-fall? Or that text message from a reliable source (maybe your bank) asking you to casually update all of your personal details? Fraud in the twenty-first century comes in all shapes and sizes – some obvious and some seemingly quite legit – which is the scary part!

What is worse is that this sort of thing is happening more and more. But what most don’t realise is that fraudsters are even trying their hand at real estate transactions. Meaning now, more than ever, property buyers have to be super vigilant when it comes to their transactions in an ongoing effort not to fall victim to real estate fraud.

Here at HS Brisbane Property, we too have dealt with an attempted fraudulent transaction first hand, which we identified and took the correct steps to stop. 

Thankfully, there are measures that buyers can take to help reduce the risk of real estate fraud. To help shed some light on these, here are our Top 10 Tips to help keep buyers protected from potential real estate fraudsters:

1. Set up passwords and/or secret questions that will confirm your identity when dealing with your property manager/agent.

2. Contact your property manager and/or real estate agent and check that they have your current and correct contact details on file.

3. Provide copies of your ‘identification’ details when engaging your property manager, so agents are able to compare your details with fraudulent documents that may be presented later.

4. Ask your property manager, real estate agent and/or conveyancer how they intend to identify the true owner of the land title they are selling or dealing with? Do they complete a 100-point check and comply with Landgate’s Verification of Identity Practice?

5. Ensure your property manager and/or agent has a process in place to verify any requests to change your contact details by sending notifications to both the old and new addresses - both physical and electronic.

6. Protect your personal information and prevent identity theft by using secured mailboxes for mail deliveries and shredding or burning letters before disposing of them.

7. Be wary of handing over personal/financial information to third parties via phone or email.

8. Regularly change all passwords, especially your email and banking accounts and never click on any links contained in emails from unknown sources.

9. Ensure property managers and/or agents have your correct signature on file and that they check signed documents to confirm they match.

10. Install anti-virus/anti-malware software on your computer and keep it up-to-date.

Real estate fraud is happening and it is happening right here in Brisbane. If you are buying or selling a property, particularly where the other party is located internationally it is vital that you work with an agent that you can trust, and one that has all the right anti-fraud measures in place. 

Here at HSBP, we have strict identification processes that we adhere to and all of our expert staff are properly trained and instructed in what to do when a request to change contact details are made, especially if the owner is based overseas.

To contact the team and set up an appointment, call 0419 782 133.