“Property buyers have to be more alert and constantly aware of cybercriminals that are targeting the transfer of deposits and property purchase finances, and this is despite conveyancers and property professional taking as many prevention measures as they can.” This is the voice of Khairiyah Safeda, Founding Director of Safeda & Associates, Conveyancer, Notary, Attorney.
Safeda is referring to a recent court ruling that found in favour of the conveyancer, after a buyer of a property, Ms Hawarden, had transferred some R5-million to a conveyancer’s account that had been intercepted by cybercriminals. Initially Ms Hawarden had won her case in the High Court, but on Appeal, this decision was reversed because the court felt she should have checked the email address that had provided the bank account details.
That email address was so similar, really just the reversal of two letters, that many of us may feel sympathy for her plight, yet there were many precautions she could have taken. First though, Safeda lists the process that most cybercriminals use to hack email accounts:
How cybercriminals hack emails
- Cybercriminals exploit vulnerabilities in email communications between clients and conveyancers/property practitioners using phishing tactics.
- Criminals gain access to conveyancers email accounts by intercepting emails containing sensitive information, such as bank details.
- The criminals send buyers new banking details, and may change the responding email address very subtly.
- This also applies to WhatsApp and SMS messages.
Conveyancer prevention Conveyancers are using all sorts of new prevention methods, such as those that Safeda has done in her practice.
“We have introduced multiple layers of verification. This includes the sending of bank details via a combination of email, WhatsApp, and a follow-up phone call. We also advise our clients that should any of the bank details in any of one of the three methods differ, then the communication has been compromised somewhere along the chain and it is best to meet face to face, especially as my voice may be cloned.”
Voice cloning is yet another scam in the criminal process. “Voice verification is not entirely safe as the cybercriminals may have altered even the cellphone number in the email. With voice cloning technology it is easy to clone someone’s voice, and pretend to be the conveyancer. How would the client know if it’s me or someone else that has cloned my voice?" says Safeda.
Other measures introduced by conveyancers include two-factor authentication and encrypted communication channels. One of the safest ways for buyers to check and be assured, is to use their banks. “Bank guarantees are the safer option rather than transferring large sums of money.”
Five tips
- If a large sum of money needs to be transferred, do an initial transfer of a small sum of money (eg R100) and calling to ensure that the conveyancer has received it. If not, then only this sum has been lost. If the money reflects, the client may save the conveyancer as a beneficiary and transfer the balance.
- Do not trust any correspondence that requires or supplies bank details or phone numbers without first verifying the source. This can be done via a phone call, or asking your bank to guarantee your payment if it is a large amount.
- Read the fine print on all documentation and carefully consider/compare email signatures.
- Be alert to changes/notifications in bank account details. If receiving an email from your agent or conveyancer to say their bank account details have been changed, be very wary.
- Stay alert to updates on cybersecurity in the news
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