An industry expert from InfoTrack has advised agents and networks to protect their client data from the escalating attacks on the Australian property market.
An industry expert has warned that attacks on property professionals are surging, fuelled by the industry’s reliance on unsecure email and text channels to conduct high-value transactions.
The alert comes 12 months after a major breach rocked the sector, when a conveyancer’s email was compromised and two buyers were tricked into sending more than $500,000 to a fraudulent account.
Speaking to Cyber Daily, Lee Bailie, chief operating officer at InfoTrack, said the property industry has become the “perfect environment for cyber criminals to exploit”, with tight deadlines, fragmented communication and inconsistent security practices creating ideal conditions for fraud.
“Business email compromise and payment redirection fraud continue to surge. With property transactions involving high-value payments and multiple parties often communicating via email, it’s the perfect environment,” he said.
Bailie said the threat will only intensify as the sector digitises more of its processes, increasing both efficiency and the number of potential entry points for attackers.
“Data privacy and identity protection are also critical. As agencies digitise more of their workflows, protecting client data throughout a transaction is non-negotiable,” he said.
“The more systems that connect to each other, the more potential entry points exist for cyber criminals.”
He stressed that rising cyber risk is no longer something agents or networks can afford to ignore. Buyers and sellers now expect agencies to have robust systems in place to prevent compromise, while the federal government continues tightening compliance standards.
“The days of relying on traditional communication methods, such as email and text message, are done,” Bailie said.
“Increased regulation and client expectation are also driving change. Buyers and sellers are becoming more aware of the security risks, and they expect their agents to use secure, trusted platforms to manage transactions.”
So, how can agents and agencies protect themselves amid this changing technological environment?
According to Bailie, cyber resilience starts with education, purpose-built technology and a clear response plan. Many breaches still stem from simple human error.
“Regular training on recognising phishing attempts, verifying bank details in transactions, and handling client information safely is your first line of defence,” he said.
For Bailie, cyber security is not “just good practice” but will be central to future government legislation and will set agencies apart.
“Security will become a core compliance requirement in the property sector, not just good practice. Regulators are tightening standards around data protection, identity verification, and consumer trust, and agencies that can demonstrate secure processes will be better positioned both legally and competitively,” he said.
This article was first published on Lawyers Weekly’s sister brand, CyberDaily.
