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Home sellers at high risk of electronic fraud (Read 996 times)
red baron
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Home sellers at high risk of electronic fraud
Jun 27th, 2018 at 1:16pm
 
As reported on A Current Affair Last night (26.6.18)

A couple lost $256,000 during a conveyancing process in the sale of their home

The process was carried out by PEXA a property exchange company used exclusively now for exchanging contracts and disbursement of funds,  a third party, i.e. a computer hacker cracked into the process between the Conveyancer and Pexa. They diverted the $256,000 earmarked for the sellers to their own account. Apparently the hacker was untraceable

This happened using PEXA's  computer software. PEXA stiffed the sellers and tried to offload blame on the seller's conveyancer, yet the conveyancer  was forced to  use PEXA which now has a monopoly on property exchanges in New South Wales

PEXA has also moved into Qld and Victoria

Here comes the kicker. This whole scenario was allowed to occur because NSW Premier sold off the Lands and Titles Office for 2 Billion plus dollars

The States that have signed up for this crap, are up to their armpits with PEXA

So...if you are selling a house it is like rolling the dice whether or not some hacker is going rip off your funds from the sale before they drop in your account..Great stuff huh? More like a GREAT STUFF UP!

ACA reported that this is not the first instance of this happening. On May 17..$700,000 was ripped of in a sale and on May 31 a million dollars was ripped off

Welcome to Gladys Berejiklian's world which is a land littered with landmines

And....good luck if you are selling a house




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Imrah
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Re: Home sellers at high risk of electronic fraud
Reply #1 - Jun 27th, 2018 at 1:36pm
 
Strange.  I would have thought that the loss would be that of the conveyancer or else the PEXA at least, because they failed to pay the seller for the house.  Maybe I'm being oversimplistic.
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red baron
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Re: Home sellers at high risk of electronic fraud
Reply #2 - Jun 27th, 2018 at 7:17pm
 
As reported on Current Affair tonight (27.6.18)  PEXA has done a major backflip and will now reimburse the couple who lost $256,000 because of PEXA's slack software which enabled a hacker to ripoff  the seller's money

This follows a major item on Current Affair

Of course PEXA is doing a billion dollar share float within weeks

The Publicity from this would be like the Kiss of Death for the company's float

PEXA has also said they will guarantee client's funds in regard to future transactions

This is a major about turn on Policy

Seems like Current Affair's publicity did the trick. But without it the victims would have had a rocky road seeking Justice
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Imrah
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Re: Home sellers at high risk of electronic fraud
Reply #3 - Jun 27th, 2018 at 7:21pm
 
red baron wrote on Jun 27th, 2018 at 7:17pm:
Seems like Current Affair's publicity did the trick. But without it the victims would have had a rocky road seeking Justice

That is the best thing I've read here all day, Manfred.  I don't think that commercial news is worth wasting my time to watch, but in this case, I am glad that most people do.
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Re: Home sellers at high risk of electronic fraud
Reply #4 - Jun 29th, 2018 at 9:06am
 
red baron wrote on Jun 27th, 2018 at 1:16pm:
As reported on A Current Affair Last night (26.6.18)

A couple lost $256,000 during a conveyancing process in the sale of their home

The process was carried out by PEXA a property exchange company used exclusively now for exchanging contracts and disbursement of funds,  a third party, i.e. a computer hacker cracked into the process between the Conveyancer and Pexa. They diverted the $256,000 earmarked for the sellers to their own account. Apparently the hacker was untraceable

This happened using PEXA's  computer software. PEXA stiffed the sellers and tried to offload blame on the seller's conveyancer, yet the conveyancer  was forced to  use PEXA which now has a monopoly on property exchanges in New South Wales

PEXA has also moved into Qld and Victoria

Here comes the kicker. This whole scenario was allowed to occur because NSW Premier sold off the Lands and Titles Office for 2 Billion plus dollars

The States that have signed up for this crap, are up to their armpits with PEXA

So...if you are selling a house it is like rolling the dice whether or not some hacker is going rip off your funds from the sale before they drop in your account..Great stuff huh? More like a GREAT STUFF UP!

ACA reported that this is not the first instance of this happening. On May 17..$700,000 was ripped of in a sale and on May 31 a million dollars was ripped off

Welcome to Gladys Berejiklian's world which is a land littered with landmines

And....good luck if you are selling a house



Completely, utterly incorrect.

PEXA has nothing to do with the Land Titles Office selloff in NSW. It's a national system for starters.

And in fact, it was a LABOR state - Victoria, that was the first to mandate the use of PEXA

Furthermore PEXA wasn't hacked. The conveyancer was hacked via emails, and the hackers then used this to gain access to their PEXA account (in much the same way hackers could use email to gain access to your credit card or bank account).

Yes, there is a risk in having online transfers of large sums of money like this. The problem needs solving.

But to claim this is part of some problem caused by Gladys Berejiklian when the Victorian conveyancer in this Victorian property sale was hacked against a background where the Victorian government is looking to sell the Victorian land titles office is just stupid.
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The_Barnacle
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Re: Home sellers at high risk of electronic fraud
Reply #5 - Jun 30th, 2018 at 4:28pm
 
red baron wrote on Jun 27th, 2018 at 1:16pm:
This happened using PEXA's  computer software. PEXA stiffed the sellers and tried to offload blame on the seller's conveyancer, yet the conveyancer  was forced to  use PEXA which now has a monopoly on property exchanges in New South Wales

PEXA has also moved into Qld and Victoria

Here comes the kicker. This whole scenario was allowed to occur because NSW Premier sold off the Lands and Titles Office for 2 Billion plus dollars



Not sure if you got this information from ACA but it is wrong.
PEXA is now used in all states except Tasmania and is based in Melbourne.
PEXA is owned by state governments, the ANZ, CBA, NAB, Westpac, Macquarie Bank, private equity and property developer Paul Little.
The fraud happened in Victoria so it had nothing to do with the privatisation of the NSW LTO.
It was actually the solicitors account that was hacked into

Quote:
They hacked into the email account of conveyancers Sargeants Knox Conveyancing on Wednesday May 30 and added themselves, using the conveyancers’ account, as a ‘ghost’ user to Australia’s new online property transfer platform.

Then they watched and waited. Patiently.

Seventeen days later on a Friday morning as two bankers and two conveyancers, one each for the buyer and vendor, gathered in the online “workspace” to settle the property transaction, they struck.

It was a simple, audacious “cut and paste” theft.

At the last minute, the fraudsters switched the vendor’s bank account details, where the funds were being transferred, with their own. Both were Commonwealth Bank accounts.
https://www.smh.com.au/business/companies/a-simple-cut-and-paste-let-cyber-crimi...

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Jasin
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Re: Home sellers at high risk of electronic fraud
Reply #6 - Jun 30th, 2018 at 5:10pm
 
Australia:

A nation of drug-addicts all living the 'high' life (see lifestyle programs) while still trying to claim poor-downtrodden 'convicts'.
A nation of Computer/Internet inept people all being the most wealthiest and easiest nation to scam and hack.
Even China taught ASIO a few good lessons on 'Who's ya Daddy'.
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AIMLESS EXTENTION OF KNOWLEDGE HOWEVER, WHICH IS WHAT I THINK YOU REALLY MEAN BY THE TERM 'CURIOSITY', IS MERELY INEFFICIENCY. I AM DESIGNED TO AVOID INEFFICIENCY.
 
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Sir lastnail
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Re: Home sellers at high risk of electronic fraud
Reply #7 - Jul 1st, 2018 at 7:09pm
 
red baron wrote on Jun 27th, 2018 at 7:17pm:
As reported on Current Affair tonight (27.6.18)  PEXA has done a major backflip and will now reimburse the couple who lost $256,000 because of PEXA's slack software which enabled a hacker to ripoff  the seller's money

This follows a major item on Current Affair

Of course PEXA is doing a billion dollar share float within weeks

The Publicity from this would be like the Kiss of Death for the company's float

PEXA has also said they will guarantee client's funds in regard to future transactions

This is a major about turn on Policy

Seems like Current Affair's publicity did the trick. But without it the victims would have had a rocky road seeking Justice


Typical aussies falling over themselves to invest in another bullshit company run by incompetent wordsmiths Sad

Probably be almost as bad as investing in slater and gordon Cheesy LOL
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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