Who knows how to beat a scam?
Knowledge is power and knowing what to look out for can help you stay cyber safe throughout your home loan journey.
How to stay cyber safe during your home buying journey
Buying a home is an exciting milestone, but with so many digital transactions involved, it’s also a prime target for cybercriminals. From signing contracts online to transferring large sums of money, there are multiple points where scammers can try to intercept your details or funds.
Be cautious of phishing scams
Be cautious of phishing scams Phishing scams are one of the biggest cyber threats in home buying. Scammers often impersonate banks, real estate agents, or solicitors to trick buyers into handing over sensitive information or transferring money to fraudulent accounts.
Example scam
You’re finalising your home purchase when you get an email from your conveyancer with new bank details. You transfer your deposit, only to discover the email was fake and the money is gone.
View tips to spot phishing
Emails or texts that create urgency
Messages claiming that your loan approval is at risk or that payment is overdue can be red flags.
Requests to update details via email
Banks and lenders will never ask for sensitive information like passwords or banking details through email or text.
Fake domains
Scammers use email addresses that look similar to legitimate ones, such as replacing ‘.com.au’ with ‘.co’ or adding extra letters or symbols (e.g. info@bank-first.com.au - note the dash between words. This is not an official Bank First email address).
Grammatical errors
They often include spelling errors, broken sentences or words in a foreign language.
Suspicious URLs
Look for misspellings, unusual domains, shortened URLs, or HTTPS issues.
Call your lender, conveyancer, or agent directly
Enable email security features
Use multi-factor authentication (MFA)
Protect yourself when e-signing documents
Most lenders now allow you to sign contracts and loan documents electronically, making the process faster and more convenient. However, scammers can take advantage of this by sending fraudulent links that appear to come from your bank or conveyancer.
Example scam
You’re finalising your home purchase when an email from your lender asks you to e-sign your contract via a link. The link leads to a fake site that steals your login details and gives scammers access to your bank accounts.
View tips for safe e-signing
Check sender details
If you receive an unexpected email about signing documents, call your lender, broker or conveyancer directly to confirm before clicking any links.
Verify the platform
Ensure your lender uses a trusted e-signature service, like DocuSign, and check for security features such as encryption and multi-factor authentication or refer to the platform’s website on suspicious activity (e.g. DocuSign’s suspicious activity page).
Read documents carefully
Before signing, double-check loan terms, interest rates, and repayment amounts to ensure nothing has been altered.
Stay alert for settlement day scams
Settlement day involves transferring large sums of money to finalise your home purchase. This is a prime time for cybercriminals to attempt fraud by intercepting emails and changing bank details.
Example scam
Lisa was waiting on payment details from her conveyancer when a hacker intercepted the email and swapped in fake bank details. She unknowingly sent $150,000 to a scammer.
View tips to protect your money
Confirm account details in person or via phone
Call your real estate agent, solicitor, or lender using a number you’ve previously verified.
Be cautious of last-minute changes
If you receive an email saying payment details have changed, double-check with your solicitor.
Send a test transfer
Before sending a large amount, transfer a small amount first and confirm it has been received by the correct party.
Turn on account name verification
Some Australian banks offer services that check whether the account name matches the details you’ve entered.
Stay vigilant throughout the process
Whether you’re applying for a mortgage, transferring a deposit, or setting up your new home, cybercriminals are always looking for ways to exploit buyers. But who knows how to beat a scam? You do. That’s who. By staying alert, verifying all financial transactions, and using secure platforms, you can protect yourself and ensure your home buying experience remains safe and stress-free.
For further information on cyber safety practices and guidance from government agencies, visit these trusted sources: Scamwatch | ACCC Australian Cyber Security Centre (ACSC) | Moneysmart ASIC | Office of the Australian Information Commissioner (OAIC)