In this day and age, cyber security is becoming more of an issue. Firms are constantly updating their IT systems and processes to ensure they and their clients are safe. In the property industry, a big part of business entails clients transferring large amounts of money to complete settlement transactions.
As internet scamming and email intercepting is becoming more common with the use of technology, we are hearing more and more stories within the media, that clients are losing their money.
Last year, there were more than 13,500 reports of cybercrime from individuals and business to the Australian Cyber Security Centre (ACSC). Cyber security incidents cost Australian businesses up to $29 billion each year.
In response to this trend which has only been increasing over time, InfoTrack launched Securexchange. This innovative technology solution is designed to stop sharing trust account details via unsecured emails, protecting against financial loss and the reputation of all professional parties involved in a property transaction.
Conveyancing firm Sargeants Geelong and Bellarine Conveyancing recently implemented Securexchange. Many of Sargeants’ clients expressed how appreciative they were that Sargeants took the initiative to keep the property funds of their clients safe and secure, whilst helping them feel confident to transfer large amounts of money.
Three ways Securexchange has had an impact for Sargeants:
- It enhanced their reputation
- It has become a selling point to new clients
- It gives both sides peace of mind that transferred funds are safe and secure.
Cyber crime is on the rise in Australia and protecting your firm from fraud is imperative. To protect your firm, invest in strong technology services and always be smart with what information you share. Know who you are communicating with and always choose the safest method to do so.
To help you protect your firm and your clients InfoTrack has partnered with CryptoAustralia to offer clients complimentary Cyber Security Awareness Training.
The training focuses on the topic ‘How to protect your legal practice from payment redirection fraud‘. This includes training on how to identify fraud activity, how to protect yourself from hacking attempts and what to do if your firm is hacked.
Cyber Security Awareness Training consists of two online videos and two quizzes which you can complete in your own time. Each InfoTrack client to complete the training receives a certificate and one CPD point. If you’re not an InfoTrack client, you can still access the training, simply get started today and stay abreast latest industry updates and thought-leadership content.
Spending time now keeping your firm and clients safe, pays dividends. Spending less time worrying, means more time developing your client relationships and growing your business.