Safeguarding Property Settlement from Scams

This white paper addresses the growing issue of property settlement scams in Australia, particularly during Scam Awareness Week 2025. It outlines the tactics employed by scammers, such as business email compromise, where criminals impersonate real estate agents or conveyancers to deceive buyers and sellers into transferring funds to fraudulent accounts. The document presents alarming statistics, including significant financial losses reported by victims, and highlights the gap between perceived and actual abilities to identify scams. It details the common methods used in these scams, including email impersonation and the urgency of payment requests, which can lead to substantial financial losses for individuals involved in property transactions. Additionally, the paper provides practical recommendations for buyers, sellers, and professionals to mitigate risks, emphasizing the importance of secure communication practices and verification steps to protect against fraud. The findings underscore the need for increased awareness and proactive measures to combat property settlement scams effectively.