Securexchange works by bringing all verified parties involved in a property transaction together under one system, allowing each to exchange details securely, forgoing the risk of sharing trust account details via unsecured emails.

In addition, the platform offers a streamlined and real-time approach to communication between the parties, allowing for transparency on the progress of each stage of the process.

The launch of Securexchange is timely, with the property industry currently a prime target for cyber criminals, according to a statement from InfoTrack.

Just last year, the tech company noted, a group of Victorian property buyers collectively lost more than $200,000 to a hacking scam targeting the email accounts of real estate agents, with many other scams exposing those involved in the property process to increased risk of reputational damage and liability.

InfoTrack CEO John Ahern said Securexchange seeks to combat this threat and ensure those involved in the property process are adequately protected from cyber criminals.

“The risks of communicating bank account details via email are high. We surveyed our legal clients and learned of an alarming number of cyber attacks, with 29.8 per cent experiencing hacking attempts and 23.3 per cent having their emails intercepted. However, what’s most alarming, is the number of incidents that were unreported to protect our clients from reputational damage,” Mr Ahern said.

“InfoTrack has made a commitment to support our clients through the transition to e-conveyancing, and this solution is now enabling another compo­nent of the conveyancing workflow to be secure, transparent and efficient for all parties in­volved.”

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“We have introduced this product to market at no charge to maximise adoption.”