Property Exchange Australia (PEXA) is tackling cyber-crime head-on with the launch of its new app – PEXA Key – which provides a safe channel for homebuyers and sellers to provide payment directions to their property lawyer or conveyancer.
With thousands of victims falling prey to email phishing scams each year and nearly half of all companies Australia-wide hit by cyber-crime[1], PEXA Key stands to save homebuyers and sellers millions of dollars in fraudulently misappropriated funds.
“Security is paramount for our members and to us,” PEXA CEO Marcus Price said. “It would be remiss of us to not try and help solve an issue which is becoming more and more prevalent in our industry. To be able to offer this technology to property lawyers, conveyancers and their customers and deliver a much safer means of exchanging payment directions is something we’re incredibly proud of.”
The Cyber Security Review, led by the Department of the Prime Minister and Cabinet, found that cybercrime is costing the Australian economy up to $1 billion annually in direct costs alone.
In addition, the ACC reported that last year Australian businesses lost over $60 million to email scams.
Although email is a prominent and cost-effective tool of communication for many industries, there are vulnerabilities associated with emailing sensitive information due to the risk of it being intercepted and changed by a third party. This occurrence can result in significant financial loss and trauma for a buyer or seller.
PEXA Key, the first of its kind, aims to eliminate this risk in the $7T Australian property industry through secure app PEXA Key, which provides a secure communication channel to share payment directions, guaranteed[2]. When clients input their bank details through PEXA Key, the app automatically communicates this information into their practitioner’s PEXA Workspace, removing the need to engage potentially unsecure communication channels and re-key bank account information. The app also enables the buyer’s practitioner to provide their firm’s trust account details securely to the buyer to ensure the safe transfer of deposit and settlement funds.
Arni Hardason, Technical Director at PS+C Security, sees PEXA Key as an innovative and secure solution to communicate bank details:
“PS+C is proud to have been involved in the audit process of PEXA Key and found the application to surpass industry standards, acting as a secure method for communicating bank details. In our experience with PEXA, it is clear it considers security its number one priority, placing critical importance on protecting consumers and their most valuable assets. PEXA members can be confident that this application is a robust and secure alternative to email,” said Arni.
Already, those dedicated to remaining vigilant against email fraud have embedded PEXA Key into their e-settlement process. RKL Lawyers and Consultants was the first firm to request client details through the application and has played an important role in the development of the app. Principal of RKL, Zelma Rudstein, found the experience to be smooth and stress free:
“We’ve received great feedback from our clients. Not only can they track their settlement, but they are pleased to see we have a unique solution to protect the biggest transaction of their life. Through PEXA Key, we avoid the risks associated with manually entering bank details and have peace of mind knowing we are doing what is technologically possible as of today to safeguard our clients against email fraud.”
[1] 2018 PwC Global Economic Crime report
[2] For terms of the PEXA Key Secure Communication Guarantee, visit pexa.com.au
